Excelsior Correspondent
JAMMU, Jan 31: CJM Jammu Anjum Ara has framed charges against M/s I D Sood Ispat Pvt Ltd through its Directors, Raj Kumar Gupta, Rajat Mahajan, Sanjay Gupta, Raj Kumar Gupta and Rahul in multi-crore bank fraud case.
According to the CBI, an FIR under Sections 120-B read with Sections 420 and 409 RPC came to be registered after it was alleged in the written complaint that M/s I D Sood Ispat Pvt Ltd and its Directors/Guarantors cheated the Bank of India to the tune of Rs 18.10 crore (CC limit Rs 17.48 crore and term loan Rs 0.62 crore plus interest) by availing the credit facilities, diverting the funds and willfully defaulting the repayment to the bank.
The forensic audit conducted in the group account of M/s Jhelum Infra Projects India Pvt Ltd conducted by M/s Satya Parkash Mangal & Co (CA) revealed irregularities committed by Directors and guarantors of this company who are managing both the companies. The company located at Kandrori Kangra Himachal Pradesh was engaged in manufacturing of steel ingots. Raj Kumar Gupta and Rajat Mahajan were the Directors of the company. The bank took over the term loan exposure of Rs. 1.80 crores and working capital limit of Rs.12.00 crore from Punjab and Sind Bank in May 2013 and the DW limit was enhanced to RM 6.00 crore.
The principal securities offered by M/s IDSIPL were hypothecation of stock and BD for WC limit and hypothecation of plant and machinery for term loan. As collateral security, equitable mortgage of immovable properties was created in favour of the bank. Radhika Mahajan, Jhelum India Project Pvt Ltd, M/s New Jammu Flour Mills Pvt Ltd and M/s Jhelum Industries were guarantors in the account of M/s IDSIPL.
However, despite reminders and vigorous follow up by the bank, the conduct of account of M/s IDSIPL remained unsatisfactory and ultimately the account was classified as NPA on 31-03-2015. As per the preliminary investigation conducted by the bank a clear cut case of diversion of bank’s funds and wilful default by M/s IDSPIL was found and the account has been declared as fraud on the basis of Forensic Audit Report dated 06.09.2016 conducted by M/s Satya Parkash Mangal & Co in the group of JIPIPL.
After hearing Vijay Dogra Public Prosecutor for the CBI whereas Advocates Parveen Kapahi and SK Dogra for the accused persons, CJM observed, “there is prima facie sufficient material on record in the form of documentary and oral evidence to connect the accused persons with the commission of offences attributed to them”.
“The allegations made in the charge sheet are supported by the oral and documentary evidence including CFSL report which gives details of conspiracy, fraud and cheating committed by the accused persons in collusion with each other. Therefore, the accused persons are not entitled to be discharged at this stage as prayed for”, the court said.
“In the totality of the circumstances and the facts of the case; this court is of the opinion that prima facie accused persons have committed the offence under Section 120-B read with Section 420 RPC Accused persons are accordingly charged for the commission of these offences”, the CJM said.
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