E-Paper
Chandigarh: Charges framed against 6 in ₹16-crore bank fraud case
Charges have been framed against Panchkula residents Jeevan Garg and his wife Asha Garg, owners of M/s Royale Empire and M/s Garg Contractors, their two sons Prince Garg and Rajan Garg, and SC Chawla and VD Kaushal, who were panel valuers for Indian Overseas Bank, Chandigarh
A special CBI court has farmed charges against six persons, including owners of a real estate firm and bank valuers, for cheating Indian Overseas Bank, Chandigarh, to the tune of ₹16.2 crore through loan fraud.
Charges under Section 120-B (criminal conspiracy) read with 420 (cheating) of the Indian Penal Code and Section 13 (2) read with 13 (1) (d) of the Prevention of Corruption Act have been framed against Panchkula residents Jeevan Garg and his wife Asha Garg, owners of M/s Royale Empire and M/s Garg Contractors, their two sons Prince Garg and Rajan Garg, and SC Chawla and VD Kaushal, who were panel valuers for Indian Overseas Bank, Chandigarh.
They were booked on November 16, 2017, on the complaint of Anil Kumar Loothra, chief regional manager, regional office, Indian Overseas Bank, Chandigarh.
Loothra had alleged that Jeevan Garg and his son Prince, in criminal conspiracy with other co-accused, cheated the bank by obtaining cash credit limit of ₹10 crore in the name of M/s Garg Contractors and term loan of ₹10 crore in the name of M/s Royale Empire on the basis of fake (enhanced) evaluation reports of properties by panel valuers SC Chawla and VD Kaushal in 2011 and 2012.
Chawla and Kaushal gave higher value of the mortgaged properties of the accused. However, the actual value was very low when these properties were put on sale in 2014.
Through this, they caused wrongful pecuniary loss of ₹16.24 crore and undebited interest to the bank.
