Excelsior Correspondent
JAMMU, Apr 17: CBI/ACB Jammu today presented challan against Uttam Chand and Ashok Singh Manhas, partners M/s Shiva Over Seas and others in the much publicized case of cheating with UCO bank to the tune of Rs 50 lakh.
According to the challan, M/s Shiva Over Seas applied for CC limit to the tune of Rs 50 lakh on March 13, 2008 on the basis of fake/ non-existing property offered as a collateral security towards the bank.
The land measuring 4 kanal and 5 marla situated at village Changerwan was stated to be owned by Ashok Kumar Manhas but actually the same was not belonging to him. Ashok Singh Manhas and Uttam Chand got false revenue documents in connivance with some unknown persons in support of their claim.
Thereafter, unknown officials of UCO Bank, Ashoka Market Raghunath Bazar, in criminal conspiracy with Ashok Singh Manhas and Uttam Chand, processed the loan on the basis of these false documents. The concerned Branch Manger also did not make any pre-sanctioned visit as per the bank rules before the sanction of CC limit/ loan.
An amount of Rs 35 lakh was sanctioned by the Zonal New Business Committee Delhi on the basis of recommendations of bank officials vide sanction note dated May 22, 2008. Ramesh Koul DIG (now retired) was the guarantor for the loan facilities as per agreement of the guarantee duly executed by him.
The accused borrowers exhausted the CC limit of Rs 35 lakh in September, 2008 and thereafter Uttam Chand requested the bank to allow an overdraft of Rs 10 lakh in the CC account on September 10, 2008. On the same day, overdraft of Rs 10 lakh was allowed from CC limit and transferred to another account of M/s Shiva Over Seas.
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/forgery of documents, both the loans turned NPA on December 18, 2009.
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