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| CBI presents challan in Rs 50 lakh bank cheating case | | | Early Times Report
JAMMU, Apr 17: CBI today presented challan against Uttam Chand, Ashok Singh Manhas, partners in M/s Shiva Overseas, and others in a Rs 50 lakh case of cheating with UCO Bank.
Uttam, 85 pc share holder in the firm and Manhas, 15 pc share holder, applied for CC limit of Rs 50 lakh with UCO Bank, Raghunath Bazar, on March 13, 2008, on the basis of fake property as a collateral security.
The land of 4 kanal 5 marlas at Changerwan was said to be owned by Manhas but it actually did not belonged to him as its documents were forged. Manhas and Uttam got false revenue documents in connivance with some unknown persons in support of their claim. Thereafter, unknown UCO Bank officials of Raghunath Bazar branch in criminal conspiracy with the accused processed loan on the basis of false documents.
The concerned bank manager did not make any visit to the site as per rules before the sanction of CC limit. The proposed CC limit of Rs 35 lakh was sanctioned by the zonal office in Delhi on the basis of the recommendations made by the manager of Raghunath Bazar branch. Police DIG (retired) Ramesh Koul was guarantor as per the agreement of the guarantee duly executed by him. The accused soon exhausted the CC limit of Rs 35 lakh and then Uttam approached the bank to allow an overdraft of Rs 10 lakh in the CC account on September 10, 2008. On the same day, the overdraft of 10 lakh was allowed and transferred to another account.
The borrowers did not repay the loan in both the accounts and used the money for their personal ends. As a result of criminal conspiracy, abuse of official position and fabrication of documents, both the loans turned NPA on December 18, 2009, which resulted in outstanding of Rs 50,31,214 causing undue loss to the exchequer. A case under Section 120-B read with Sections 420, 467, 468 and 471 of RPC and 5(1) (d) read with 5(2) of PC Act 2006 was registered. After the completion of investigation, the challan was presented today in the court of special judge anti-corruption, Jammu. |
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