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| CBI books Bank of Baroda's sr manager in cheating case | | | EARLY TIMES REPORT
JAMMU, Mar 29 : The anti-corruption branch of CBI has booked a Bank of Baroda's senior manager for allegedly processing and disbursing a loan of Rs 2 cr in favour of M/s Modern Agro Tech by misusing his official position.
Official sources said a loan of over Rs 2 cr was "fraudulently" got sanctioned and disbursed by T R Dogra, senior manager of Bank of Baroda, in connivance with Yash Raj Singh Salaria, proprietor of Khanpur Marh-based M/s Modern Agro Tech.
It was mentioned in the FIR in the month of November, 2006, that Salaria applied for working capital of Rs 7.77 lakh and term loan facility for building and machinery to the tune of Rs 222.39 lakh to set up mashroom plant and in this regard submitted a writtenapplication to Bank of Baroda's Gandhi Nagar branch where Dogra was the branch manager that time.
No proper inspection was conducted by Dogra or any other branch official. No comments were given on the valuation of the properties offered to be mortgaged. On the basis of his recommendation, bank's regional office in Chandigarh sanctioned a loan of Rs 9.60 lakh as working capital and Rs 213.14 lakh as term loan in favour of Salaria on December 30, 2006.
During investigation, it was allegedly found that Rs 98 lakh had been diverted from M/s Modern Agro Tech to M/s Rightways Industries, another proprietorship firm of Salaria. The verification of use of fund had also not been done as required because of the manager's alleged connivance with the accused and funds were diverted or siphoned off resulting in the account turning into NPA with a total outstanding of Rs 242.16 lakh as on June 30, 2010, thereby causing undue loss to the exchequer and undue gain to Salaria and others. The findings disclosed commission of offences of criminal conspiracy, cheating and abuse of official position against Dogra, Salaria and others punishable under section 120-B and 420 of RPC and section 5(2) read with 5(1) (d) of J&K PC Act. |
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