The New Delhi branch of the Central Bureau of Investigation (CBI) has chargesheeted five people in a Rs 30 crore Dena Bank loan scam.
The accused included Vijay Kumar Gupta and Kamleshwar Sharma, directors of HRM Export Private Limited, the-then branch manager of Dena Bank in Rohtak, Rajbir Singh Phogat, chartered accountant Sanjeev Krishan and then accountant of HRM Export Private Limited Pankaj Aggarwal. The complaint in the case was moved by then regional manager of Dena Bank Charan Singh Meena, who was posted at the regional office in Sector 11, Panchkula, in 2013.
According to the CBI, Gupta and Sharma, both directors of HRM exports, engaged in processing paddy basmati export, approached the Rohtak branch of the bank for working capital facility of Rs 30 crore. Since 2008, the company was enjoying a credit facility of Rs 17.5 crore from the Bank of India, New Delhi.
The Rohtak branch of the bank was to take over the credit facility of Rs 17.5 crore of the Bank of India and was to enhance the credit facility to Rs 30 crore. The company had hypothecated stocks and book debts as primary security and 11 immovable properties as collateral securities.
The reason given for enhancement of loan was expansion of business but the entire amount of Rs 30 crore was utilised within a short span of 12 days for purchasing land in Bhopal with no corresponding increase in the stocks of the company.
According to the CBI, despite overstating of stock value by around Rs 5 crore, bank’s Rohtak branch manager Rajbir Singh Phogat allegedly extended undue benefit to the company and in an unauthorised manner allowed drawing power in excess up to Rs 30 crore.
The entire amount was released in 12 days — between March 19 and March 31, 2011 — which was allegedly used by the directors to purchase land in Bhopal. On November 11, 2011, the HRM exports was declared non-performing asset (NPA) with Rs 29.94 crore outstanding amount.
Money routed through agents
The CBI found that companies/firms to whom payments were made after getting the loan did not have any genuine business transactions with the HRM exports. “As per their own admission, they are the commission agents who had helped the HRM exports in rotation of money through various bank transactions and had returned the funds to the borrower after charging a percentage commission of Rs 1,000 to Rs 2,000 per Rs 1 crore,” said the CBI.
The CBI investigation revealed that the loan application by the HRM exports was partially filled and there was no signature of Dena Bank officials of having received it on any particular date which showed involvement of the branch manager in the fraud.
The CBI said: “The Central Forensic Science Laboratory (CFSL) report has confirmed that stock statement dated January 5, 2011, was prepared by Sanjeev Krishan, CA, in his own handwriting. Investigation has revealed that while preparing this stock statement, Sanjeev Krishan had deliberately and illegally left blanks/spaces which were filled by Pankaj Aggarwal, accountant with the HRM exports. The CFSL confirmed the handwriting of Pankaj Aggarwal with respect to date and the amount shown against stock, sundry debtors and the total amount of Rs 51.55 crore also.”
Untraceable loan proposal
As per the CBI, the accused misplaced the loan proposal as during the investigation when the records were called from the bank, the original loan proposal couldn’t be traced. But a soft copy of the proposal was sent from firstname.lastname@example.org, operated by Phogat, to official email ID of RO, Dena Bank at email@example.com.