The court of special judicial magistrate, CBI, Mohali, on Wednesday, awarded two-year-rigorous imprisonment to two businessmen for committing a 16 crore fraud with a bank by availing credit facility on fake financial statements.
₹16.83 crore. (HT File)” title=”Lisa Grover, public prosecutor, CBI, averred that the accused persons colluded to defraud the Bank of India to the tune of 16.83 crores. (HT File)” />The court of Megha Dhaliwal, special judicial magistrate, CBI, convicted rice mill owners Tajinder Pal Singh, a resident of Nakodar and Jatinder Singh, a resident of Batala, and awarded them two-year jail for the fraud.
Lisa Grover, public prosecutor, CBI, averred that the accused persons colluded to defraud the Bank of India to the tune of 16.83 crores.
The case dates back to September 7, 2013, when Tajinder Pal Singh, a partner in Jai Sharda Rice Mill, approached the Bank of India Nakodar Branch with a request for enhancement of credit facility to 16 crores.
It was alleged that Tajinder submitted exaggerated financials and tax audit reports for the 2012-13 fiscal, based on which the enhanced credit limit was sanctioned by the bank. During the probe, it was found that these financial statements were different from those submitted to the Income Tax department in the same fiscal.
CBI stated that Tajinder from the very beginning misrepresented the figures to obtain enhanced credit facilities.
It was alleged that Tajinder entered into a criminal conspiracy with accused Jatinder Singh, a partner in Amar Rice and General Mill, and siphoned out an amount of 3.43 crore out of loan proceeds from the credit account of Jai Sharda Rice Mills during the period March 24, 2015 to March 25, 2015.
CBI further alleged that Jatinder also facilitated Tajinder in siphoning off the loan proceeds by way of issuing fake invoices/goods receipts of their firm.
Charges were framed against the accused, under Sections 120-B (criminal conspiracy) 420 (cheating), 468 (forgery for cheating) and 471 (use of a forged document or electronic record as genuine) of the Indian Penal Code (IPC) in September 2021.
