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| SIDBI Bank cheated of 1 Cr | | CBI launches investigation | | EARLY TIMES REPORT
Jammu, October-27 :- CBI registered a case against Prop Cosmic Textiles Samba Brahm Bihari Gupta, Bhagwan Singh Guarantor and unknown officers of Small Industries Development Bank of India (SIDBI) Rail Head Complex Jammu for cheating the bank more than Rs 1 crore.
According to the FIR a reliable information was received that Brahm Bihari Gupta s/o Radha Saran Gupta Prop Cosmic Textiles Samba and Bhagwan Singh s/o Nar Singh r/o Chouwadhi, Jammu committed offences of criminal conspiracy to commit cheating by abuse of official position in connivance with unknown bank officials of SIDBI Bahu Plaza Jammu and cause undue loss to the Government Exchequer.
Brahm Bihari Gupta applied for credit facilities, term loan of Rs 95 lacs vide his loan application form dated November 16, 2005 in favour of his firm M/S Cosmic Textiles Samba under Technology up gradation fund scheme for establishing industry of polyester/nylon yarn fabric at Industrial Growth center Samba. Loanee proposed to mortgage the commercial -cum-residential piece of land measuring 3 Kanal at Industrial Area Samba leased in favour of M/S Cosmic Textile Samba and 10 Kanals land commercial and residential under Khasra No 172 min and 292 min situated at Village Chaudhian Tehsil & District Jammu in the name of Bhagwan Singh s/o Nar Singh. The valuation of the property shown at Serial No A was dis-honestly assessed as Rs 24 lacs and property shown at Serial NO 2 was Rs 75 lacs. The said property at Serial NO 20 was fraudulently shown as commercial-cum-residential land measuring 10 Kanal whereas actually it has been hilly slopes having thorny bushes and cannot be used for any cultivation construction purpose.
In the FIR it has been mentioned that at the time of execution of mortgage deed borrower Brahm Bihari Gupta was mortgaged towards SIDBI but instead of property mentioned at Serial No 20 10 Kanals falsely shown in the name of Bhagwan Singh Guarantor was mortgaged in favour of bank and the bank official by abuse of their official position and in connivance with Brahm Dev Gupta Borrower and Bhagwan Singh substituted the immovable property proposed to be given as collateral security, with another property which was smaller in size and lower value and which already stood mortgaged with another bank Bhgwan Singh Guarantor owned only 2 Kanal of land in the Khasra which he had already mortgaged with UCO Bank Gandhi Nagar Jammu for obtaining loan in a separate loan case. Moreover faulty search report dated February 24, 2006 was obtained in pursuance of the conspiracy containing reference as per the Naib Tehsildar Bahu-Jammu, additional measuring 10 Kanal has been vested in the share of Bhagwan Singh which was false. As per the information further reveals that as a result of fraudulent Acts of commission and omission, misappropriation terms of loan of Rs 95 lacs was sanctioned by the Bank on December 23, 2005. The loan facility used by the borrower/mortgager towards his own ends and no repayment was made to the bank as a result of which the loan turned NPA on August 30, 2008, by thus way accused persons cheated the bank an amount of more than Rs 1 crore and registered a case u/s 120-B r/w section 420 RPC and 5(1) (d) r/w 5(2) of J&K PC Act 2006 and started investigation in the case. JNF
JNF/october/27/2011/1
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