E-Paper
Chandigarh: Charges framed against nine accused
The case was registered by CBI on the basis of a written complaint in September 2019 by Jagannadan Ganesan, chief regional manager of Indian Overseas Bank (IOB), Regional Office, Chandigarh
The special court of CBI has farmed charges against nine accused in a 2019 bank fraud case, wherein a bank was cheated of ₹3.7 crores.
The case was registered by CBI on the basis of a written complaint in September 2019 by Jagannadan Ganesan, chief regional manager of Indian Overseas Bank (IOB), Regional Office, Chandigarh.
It case was registered against accused Dalip Kumar and Vinay Sagar, both directors of M/s Mam Chand Rollers Flour Mills Pvt Ltd , Adarsh K Rajwanshi the then AGM (retired), Deepak Sharma, the then assistant manager of IOB, Chandigarh main branch and other unknown persons.
The chargesheet by CBI mentions that the accused persons in collusion with each other cheated Indian Overseas Bank, Sector 7, Chandigarh branch and got various credit facilities sanctioned fraudulently by conspiring with the bank officials.
It adds: “There was diversion of funds in this account and most of the frequent payments had been transferred from cash credit account to the accounts of various firms belonging to Phool Kumar Jha, one of the accused, directly or indirectly. The factory at Bilaspur road, village Rajpur, Sadhaura, district Yamuna Nagar, Haryana is closed and not functioning.”
The chargesheet mentioned that the borrower caused wrongful loss to the bank of ₹3.7 crores on July 1, 2014, in connivance with the co-accused.
The investigation established that M/s Mam Chand Roller Flour Mills Private Limited, its directors Vinay Sagar, Dalip Kumar, Adarsh K Rajwanshi who was the then AGM, IOB, Phool Kumar Jha, Neetu Jha and three previous directors of the company, Chander Parkash Gupta, Vijay Kumar Gupta and Yashpal Gupta “entered into a criminal conspiracy for cheating Indian Overseas Bank, Main Branch, Chandigarh, by availing the credit facilities fraudulently and diverting the funds of credit facilities.”
Hence, a case under sections 120 B(criminal conspiracy) and 420 (cheating) of the Indian Penal Code and Section 13(2) of Prevention of Corruption Act was registered. Charges were framed under similar sections in the court on Thursday.
