Bank of Baroda manager booked for selling property at cheaper price

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The Kolar Thana Police in the capital has filed a case against eight individuals, including the former manager and appraisers of the Bank of Baroda, for fraud, embezzlement of funds, and conspiracy. Among the accused, three are women, including the wives of IAS and IRS officers and the daughter of a former OSD of the Health Department.

The FIR was filed based on a court order. The disputed land was mortgaged to the bank, with its current value being around 30 crores. It was auctioned for just 6 crores.

According to the police, Aditya Bhatnagar, a resident of Shahpura, had taken a loan of 4.75 crores from the Bank of Baroda in 2010 for his Extol Industries Limited. Subsequently, the company was granted a term loan of 12.72 crores. The bank had assessed the property’s value at more than 13.72 crores at that time.

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The company continued to make loan installments until January 2016 when the bank suddenly declared the account as a Non-Performing Asset (NPA) when the borrower couldn’t repay. During this time, the property dispute was pending in the Debt Recovery Tribunal (DRT) in Jabalpur. Meanwhile, the bank management auctioned the seized land for 6.22 crores in 2021, with only one party participating in the bidding.

Aditya Bhatnagar had raised concerns about this matter in court. Following the court’s orders, the Kolar Road Police have filed a case against several bank officials, including Rakesh Bhatia of the Regional Office of RBI in Arera Hills, Prem Singh of the Regional Office of RBI in Jabalpur, Sandeep Agrawal of Oman Assessors in Shivaji Nagar, Manoj Gupta and Associates in Kasturba Nagar, Muskan Gupta, Sonu Pachauri from Baghpat, UP, and Sunita Deharia of Globus Fave City, Chunabhatti, among others. Complainant Aditya Bhatnagar revealed that the accused, Renu Chaudhary, is the wife of IAS officer Veerendra Singh, Muskan is the daughter of a former OSD, and Sunita is the wife of an IRS officer. Sonu Pachauri has been implicated in various cases, including the Vyapam scam.

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