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news details
Special Judge CBI Bala Jyoti sends accused to 7-day ED remand
Multi-crore bank scam
2/7/2024 10:35:27 PM
Early Times Report

Jammu, Feb 7: Special Judge CBI Bala Jyoti today sent accused to 7 day remand in a multi-crore scam.
The Special Judge after hearing Advocate Ashwani Khajuria for the Enforcement Directorate perused case diaries and entire material on record observed that since accused Anil Kumar Aggarwal was arrested on 6/2/2024 and investigation of the case is at Initial stage, besides accused is involved in a serious non-bailable and economic offence, as such he is remanded to ED custody for a period of 7 days.
The facts that came before the court are as follows: Investigation against M/s Bharat Papers Limited (hereinafter referred to as BPL) and its Directors including Anil Kumar Aggarwal were initiated as they alleged to have perpetrated bank loan fraud amounting to approx. Rs. 200 crore with consortium of banks with lead bank as State Bank of India other banks being J & K Bank, PNB and Karur Vysya Bank.
The original project cost for BPL was estimated at Rs. 183.60 crore with total debt of Rs. 125.00 crore (75 crore availed from State Bank of India as Term Loan) in Dec, 2006.
The balance Rs. 50.00 Cr. was availed from PNB and J&K Bank. The project was expected to start production w.e.f. April, 2008 but due to the delay in the implementation, there was cost-overrun of Rs.51.54 crore in the project which was funded by way of an additional term loan of Rs. 35.00 crore (20.00 Cr. availed from Stale Bank of India) and the balance amount b) way of equity infusion by both BBFIL and the promoters. The commercial production was then re-scheduled to commence from July, 2009. However, in June 2009, Bharal Paper Ltd. again approached the State Rank of India. SCB, Miller Ganj. ludhiana for a second re-structuring of Term loans to better alien the repayment obligations with the stabilization of production and estimated generation of cash Hows, which was approved on 10.06.2009. However, even after commencement of operation in FY 2009-10, the unit failed to honors its commitments for payment of interest & term loan instalments. Hence, the bank declared the said account NPA on 30.09.2010. Later, the account was declared fraud by the bank on 01.07.2019 and the same was reported to RBI on 17.07.2019.
That FIR bearing number RC0042020A0001 dated 12.02.2020 was registered by ACB, CBI Jammu under Sections 5(1 )(d) r/w 5(2) of J&K PC Act. Samvat. 2006 (Pari-Materia to Section 13(l)(d) r/w 13(2) of the Prevention of Corruption Act 1988) and Sections 120-B and 420 of J&K RPC (Pari-Materia to Sections 120-B and 420 of the Indian Penal Code 1860) against M/s Bharat Paper Ltd. Vill. Logate Kathua, its MD Rajinder Kumar, Parveen Kumar (Director), Baljinder Singh (Director), Anil Kumar (Director) and others unknown.
As per the FIR, it was alleged that the accused persons have perpetrated bank loan fraud amounting to approx. Rs. 200 Cr with consortium of banks with lead bank as State Bank of India other banks being J&K Bank, PNB and Karur Vysya Bank. The said FIR was registered on the basis of complaint reference letter No. SAMB Ldh/T-2/2052 dated 11.02.2020 filed by Shri. Jagdish Lal, the then Deputy General Manager, Stressed Asset Management Branch, State Bank of India, Ludhiana, Punjab before ACB CBI Jammu for the offence of criminal conspiracy, cheating, Criminal Breach of trust and Criminal Misconduct.
On the basis of the afore-stated FIR, Investigation under the provisions of Prevention of Money Laundering Act, 2002 (PMLA) was initiated by this Directorate after recording of an ECIR bearing No. ECfR/JMSZO/02/2023 dated 31.03.2023. (JNF)
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