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| Court frames charges in multi-crore bank fraud case | | | Early Times Report
JAMMU, Jan 31: CJM Jammu Anjum Ara framed charges against M/S I.D.Sood Ispat Pvt Ltd through its Directors, Raj Kumar Gupta s/o Sardari Lal, Rajat Mahajan, Sanjay Gupta, Raj Kumar Gupta S/O Sain Dass Gupta and Rahul in multi-crore bank fraud scam.
According to the CBI that it is alleged in the charge sheet that on the complaint of complainant, an FIR under sections 120-B r/w 420,409 RPC came to be registered before CBI ACB Jammu. It was alleged in the written complaint that M/SI.D.Sood Ispat Pvt Ltd (herein after referred as A-l) and its Directors/Guarantors cheated the Bank of India ro the tune of Rs. 18.10 Crore (CC limit 17.48 crore and term loan 0.62 crore + interest) w.ei. 28.05.2015 during the period from 31.05.2013 to28.05.2015) by availing the credit facilities, diverting the funds and willfully defaulting the repayment to the bank. It was further alleged that Bank of India has taken over the accounts of A-l from Punjab and Sind Bank (PSB) and granted advance facility to them from time to time. The account was declared NPA on31.03.2015 with outstanding amount of Rs. 18.10. crore with interest in the books of Accounts as per the RBI guidelines. The Forensic audit conducted in the group account of M/s Jhelum Infra Projects India Pvt Ltd conducted by M/s Satya Parkash Mangal &Co. (CA) revealed irregularities committed by directors and guarantors of this company who are managing both the companies. It is further alleged that A-l was incorporated on 15-01.2007.The company located at Kandrori Kangra Himachal Pradesh was engaged in manufacturing of Steel ingots. Raj Kumar Gupta and Rajat Mahajan were the Directors of the company. The bank took over the term loan exposure of Rs. 1.80 crores and working capital limit of Rs.12.00 crore from Punjab and Sind Bank in May 2013 and the DW limit was enhanced to RM6.00 crore. The principal securities offered by M/s IDSIPL were hypothecation of stock and BD for WC limit and hypothecation of plant and machinery for term loan. As collateral security, equitable mortgage of immovable properties held in the name of A2, A3 was created in favour of the bank. Ms Radhika Mahajan, Ms Jhelum India Project Pvt Ltd, M/s New Jarnmu Flour Mills Pvt Ltd and M/S Jhelum Industries are guarantors in the account of M/S IDSIPL. However, despite reminders and vigorous follow up by the bank, the conduct of account of M/s IDSIPL remained unsatisfactory and ultimately the account was classified as NPA on- 31-03-2015- As per the preliminary investigation conducted by the bank a clear cut case of diversion of bank's funds and wilful default by M/S IDSPIL was found and the accouc: has been declared as fraud on the basis of Forensic Audit Report dated 06.09.2016 conducted by M/S Satya Parkash Mangal & Co in the group of JIPIPL, As per the bank investigation report, company has taken heavy cash withdrawal for Rs. 5.00 lacs and above during the period from 24.08.2013 to23.02.2015 totala mount Rs. 118,80 lacs. On 07.06.2013 amount of Rs. 1.00 crore was transferred from M/s I.D.Sood lspat Pvt. Ltd to M/S Jhelum Industries. TOR of Rs, 12.00 lacs in the name of M/s L D. Sood lspat Pvt. Ltd was issued on 18*03-2014, in the same way Rs. 75,50 lacs was transferred from M/s L D, Sood lspat Pvt. Ltd to M/s Jhelum Industries on various dates, On the basis of these allegations made in the complaint, FIR was registered and investigation comes into vogue.
CJM Jammu Anjum Ara after hearing Vijay Dogra Public Prosecutor for the CBI whereas Advocate Parveen Kapahi and SK Dogra for the accused persons, observed that when there is prima facie sufficient material on record in the form of documentary and oral evidence to connect the accused persons with the commission of offences attributed to them. The allegations made in the charge sheet are supported by the oral and documentary evidence including CFSL report which gives details of conspiracy, fraud and cheating committed by the accused persons in collusion with each other. Therefore, the accused persons are not entitled to be discharged at this stage as prayed for. In the totality of the circumstances and the facts of the case; this court is of the opinion that prima facie accused persons have committed the offence u/s 120-B r/w Sec.420 RPC Accused persons are accordingly charged for the commission of above said offences.
—JNF |
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