Post-Rs 1 cr fraud,bizman wants bank case quashed

The Delhi High Court has rejected a plea by an industrialist,charged with fraudulently obtaining loan of more than Rs one crore from a bank eight years ago,to quash a criminal case against him on the ground that he had reached a settlement with the bank.

The Delhi High Court has rejected a plea by an industrialist,charged with fraudulently obtaining loan of more than Rs one crore from a bank eight years ago,to quash a criminal case against him on the ground that he had reached a settlement with the bank.

Dismissing a petition filed by Faridabad-based Y N Kashyap and his father,Justice Suresh Kait accepted CBI’s argument that the FIR should not be quashed as there was a loss of Rs 20 lakh to UCO bank despite their settlement and ‘No Dues’ certificate issued by the bank to them.

“Though the petitioners have paid the agreed amount and settled with the bank. The bank has also issued ‘No Dues Certificate. However,under the ‘One Time Scheme’,they have caused the net loss to the public exchequer. In such situation,I am of the considered view,where the parties have played tricks,documents were forged or adopted by illegal means,due to which the government/public sector undertaking has been duped and suffered loss,the parties are not entitled for any favour or lenient view,” the court said.

The court rejected Kashyap’s argument that matter was settled amicably by paying a sum of Rs 68 lakhs on September 30,2009 to the bank against outstanding dues to the tune of more than Rs 87 lakh.

The court,however,relied on CBI’s affidavit,filed through its counsel Narender Maan,that the petitioners were hand in glove with the bank officer and forged the title deed of their property in sector 14 in Faridabad as the same was already mortgaged in a another bank and obtained loan from the UCO bank of Delhi High Court complex under the One Time Scheme (OTS) in January 2005.

According to CBI,Kaushik in connivance with R K Joshi,Asst. General Manager of the bank,had got sanctioned the loan of Rs 1.32 crore under UCO Bank’s Rent Scheme on the basis of forged title deed of property No 1361-P,Sector-14,Faridabad,because,the original title deed had already mortgaged by him with Andhra Bank.

The title deed of the property did not match the copy available in the office of Haryana Urban Development Authority (HUDA),as per the probe agency.

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Registering a case of cheating,forgery under IPC and also various sections of Prevention of Corruption Act(PCA),the investigating agency said their criminal act came to light after the borrower failed to repay the instalments in time and the bank referred the matter to HUDA for making its lien on the subject property.