A district court has sent a Zirakpur resident, who is a proclaimed offender in 13 cases of cheque bounce, to judicial custody.
Kailash Chand Ramola was declared a PO in multiple cheque bounce cases but was granted bail in one of them. Since he failed to furnish bail bonds of ₹1 lakh in other cases, he has been sent to judicial custody till March 27.
The total non-performing assets were slated to be around ₹1.6 crore. Advocate Mohit Sareen said the Kotak Mahindra Bank had provided the facility of housing finance to the accused and he was bound to repay the loan facility on time. He had opted for electronic clearing system to debit a sum of ₹1,33,018 on monthly basis, but it could not be completed on the grounds of insufficient balance.
Hence, the compliant was moved in court. Also, he had issued some cheques to discharge his liability which got dishonoured due to insufficient balance. The bank filed various complaints against him in the court following which non-bailable warrants were issued. Since he failed to appear in court, he was declared a PO.