Delhi court acquits 9 people in Rs 4.8 crore Canara Bank fraud case, flags CBI’s ‘casual’ probe
CBI alleged that funds were diverted via 47 cheques to the sister companies of Harpreet Fashion, which was granted a loan by the Canara Bank branch on Parliament Street.
3 min read
The court also held that the CBI did not investigate the company’s final balance sheet, which would have “shown the clear picture”.
(File photo)Flagging the “casual manner” of investigation conducted by the CBI, a Delhi court has acquitted nine people after nine years in a corruption case where it was alleged that the Canara Bank branch on Parliament Street was defrauded out of Rs 4.8 crore.
The CBI alleged in its chargesheet that four criminal conspiracies to defraud the bank were hatched between 2003 and 2007 by the accused people, including four employees of the bank. Funds via 47 cheques were allegedly diverted to the sister companies of Harpreet Fashion (main accused in the case), which was granted a loan by the bank.
“…the prosecution has also not examined or analyzed the bank accounts, statement of accounts, balance sheet and the relevant income tax return of the sister (companies) to establish whether any activity was carried out pursuant to the payment made by A-1/Harpreet Fashion,” Special Judge Hasan Anzar of Rouse Avenue Courts said in an order dated June 3.
The court also flagged that none of the employees of the sister companies were questioned by the agency and that none of the prosecution witnesses even “whispered” about the diversion of funds to the companies from Harpreet Fashion.
The court also held that the CBI did not investigate the company’s final balance sheet, which would have “shown the clear picture”. It was also unhappy with the investigating officer’s “feeble explanation” that the bank did not provide the agency with proper documents.
The court further observed that Harpreet Fashion came into existence only in March 2004, when the prosecution’s charge is that conspiracies to defraud the bank were hatched between 2003 and 2007.
Acquitting the accused of criminal conspiracy, the court held that no evidence was given to the prosecution to prove that the bank employees were in direct touch with the other five accused people or companies for purposes other than business-related ones.
“Surprisingly, the altered airway bill was not sent to CFSL (Central Forensic Science Laboratory) for analysis, and even the relevant witness in respect of the custody of the airway bill i.e. Customs, and the Airlines were not examined during the course of the trial,” said the court, referring to three overdue airway bills being relied on by the CBI. It added that the CBI withheld the best witnesses from the court.
The court also held that the CBI had not properly appreciated the role of the bank’s circle office and head office, which used to grant credit extensions to Harpreet Fashion despite its poor financial condition.
You May Like
Photos
