High Court reserves order on businessman’s plea for bail in Rs 13-crore fraud case

Besides Rajgarhia,who was arrested by Delhi Police on November 16,2012,his son and co-accused Pratika N Rajgarhia,who has not been arrested so far,also moved the anticipatory bail application in the High Court.

In the FIR,the bank said in September 2007 Narendra had approached it for credit facilities in the nature of cash credit and term loan for his business and offered his house and another immovable property as collateral security.

The bank even offered Narendra a term loan of Rs 4 crore and cash credit facility of Rs 3.5 crore,which was later enhanced to Rs 6 crore,after taking note of the sale deed of a property in Defence Colony,the FIR said.

“The petitioner also offered flat number D-52,second floor with roof right,Defence Colony,New Delhi as security stating the said immovable property is absolutely owned by him,” the bank said,adding that the property was not in his name and belonged to N K Rajgarhia.

It was alleged that these facts were reported when the accused stopped repaying the dues.

The bank declared the loan as non-performing asset and initiated legal action to realise the amount by taking over and selling the flat in question.

The accused then moved the Debt Recovery Tribunal and got the auction sale of the flat stayed after offering to pay an initial amount of Rs 2 crore,the bank said.

An FIR was then lodged against Narendra under Sections 420 (cheating),467 (forgery of a valuable security),468 (forgery for purpose of cheating) and 471 (using forged documents as genuine) of the IPC.

The lower courts had dismissed various bail pleas of Narendra on several grounds including that the offence was serious in nature.