The SAS Nagar police on Monday registered a case against a noted industrialist, his son and daughter for committing a multi-crore fraud with fellow industrialists.
Sushil Kumar Sharma and son Ashutosh are suspected to have fled to Canada after defaulting on a bank loan of Rs 22 crore and exploiting the trust of fellow industrialists for another Rs 33 crore. The daughter, Bhawna Chaudhary, is married in Panchkula but no arrests have been made.
The police have also named Punjab and Sind Bank in the FIR for accepting fake balance sheets, stock statements and valuation reports for the loan.
Directors of Summit Engineering Private Limited and Lider Sanitation located at D-99, Industrial
Area, Phase 7, SAS Nagar, and Faucet India, Baddi (HP), the Sharmas have been absconding for a month now, as was reported by HT. The case has been registered on the complaint of industrialists Navneet Saxena, Mukesh Bansal, Rakesh Bansal and advocate Devinder Rattan, who were cheated of `6 crore.
Deputy superintendent of police (DSP), city-1, Rajinder Singh Sohal said, "We will forming a special team to arrest the accused. We registered the case after some members of the Mohali Industries Association (MIA) approached us with complaints and we probed the matter." The case has been lodged under sections 120B (for criminal conspiracy), 406 (for criminal breach of trust), 420 (for cheating), 465, 468 and 471 (for forgery).
"Punjab and Sind Bank is equally responsible as it gave the huge loan without verifying documents. Though the bank has already taken possession of the Sharmas' units and their house located in the unit building in SAS Nagar, we will investigate the entire matter," the DSP added.
Sources said the loan of Rs 22 crore was much higher than the sanction norms, as the actual turnover of all three units of the Sharmas was no more than Rs 20 crore, making them eligible for only around `5 crore.
Running their operations since 1987, they had taken the money with the promise to repay in two or three months as they were planning to enlist on the stock exchange and needed funds for an Initial Public Offering (IPO). What further lent them credence was that Sushil was the president of Rotary Club, Mohali, for 2012-13. Industrialist and Rotarian Navneet Saxena said, "They gave fake papers for the bank loan. I gave them Rs 33 lakh, and they promised to repay in two months as they were applying for an IPO."