
In the case of bank fraud involving crores of rupees, allegations have been made against the directors of M/s IDI Sood Ispat Private Limited, Raj Kumar Gupta, Rajat Mahajan, Sanjay Gupta, Raj Kumar Gupta, and Rahul. Chief Judicial Magistrate Jammu Anjum Ara has framed charges on the company and individuals.
Under the written complaint received by the Central Bureau of Investigation (CBI), IDI Sood Ispat Private Limited and its directors have deceived Bank of India. They took advantage of credit facilities and committed a fraud of Rs. 18.10 crores (Rs. 17.48 crores as cash credit limit and Rs. 0.62 crores as term loan plus interest) from the bank and deliberately defaulted on payment. FIR has been registered against them under section 120-B, 420, and 409 of the Indian Penal Code.
Afterwards, Satya Prakash Mangal and Company (CA) conducted a forensic audit of the group account of Jhelum Infra Projects India Private Limited. It was found that the company’s directors and guarantors have committed irregularities. The company was involved in the construction of steel silos in Kangra, Himachal Pradesh. Raj Kumar Gupta and Rajat Mahajan were directors of the company. The bank obtained a loan of Rs. 1.80 crores from Punjab and Sindh Bank in May 2013 and increased the working capital limit to Rs. 12 crores and the WC limit was increased to Rs. 6 crores.
Radhika Mahajan, Jhelum Infra Projects Private Limited, New Jammu Flour Mills Private Limited, and Jhelum Industries were guarantors in the accounts. The bank classified their accounts as Non-Performing Assets (NPA) on March 31, 2015. After listening to the arguments of CBI’s Public Prosecutor Vijay Dogra and the defense lawyers of the accused, Parveen Kapahi and SK Dogra, the CJM said that based on the records available in the form of documents and oral evidence, they are found responsible for the offense. The CJM further stated that the accused cannot be acquitted at this stage.