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August 26, 2021

CBI Files Chargesheet against 18 Accused Including CA, Businessman & Bank Manager

by CA Shivam Jaiswal in Compliance Law, Corporate Law

CBI Files Chargesheet against 18 Accused Including CA, Businessman & Bank Manager

Central Bureau of Investigation

The Central Bureau of Investigation has filed a chargesheet before the Court of Special Judge, CBI Cases, Jaipur(Rajasthan) against 18 accused including a Chartered Accountant; businessman, other private persons; the then AGM, Syndicate Bank; the then Manager; three private firms through its Directors/Partners in a bank fraud case of Rs.209 crore(approx).

CBI had registered a case on 23.03.2017 on  a complaint from Syndicate Bank, Regional office, Jaipur against six private persons including Chartered Accountant, Builder etc; two the then AGMs of Syndicate Bank; two Chief Managers and other unknown public servants/private persons.

It was alleged in the complaint that 118 loan accounts were sanctioned & disbursed by three branches of Syndicate Bank viz. M.I Road branch, Jaipur, Malviya Nagar branch, Jaipur and Udaipur branch. The 118 loan accounts were Housing loan accounts, term loan accounts for purchase of commercial property of World Trade Park (WTP), OD limits & Foreign Letter of Credits. It was further alleged that Udaipur (Rajasthan) based Chartered Accountant along-with his employees & others hatched a conspiracy with the Branch Officials of M I Road Branch, Jaipur; Malviya Nagar Branch Jaipur and Udaipur branch of Syndicate Bank and got various credit facilities sanctioned. The accused thereby cheated the bank to the tune of Rs.209.93 Crore(approx) on the basis of forged & fabricated Documents, bills, quotations and certificates etc. It was also alleged that several of the borrowers were found to be ordinary employees in firms owned by CA & others and not eligible for such high value loans.

During investigation, it was found that in furtherance of said conspiracy, the CA, a private person(businessman) and others allegedly approached Branch officials of Syndicate Bank M I Road Branch, Jaipur for getting Term Loans for purchasing commercial properties/units situated at World Trade Park Ltd, Jaipur on the basis of forged Income Tax Returns showing inflated income of the borrowers; forged quotations, invoices, purchase orders & work orders; forged CA Certificates and audited financial statements.It was also alleged that the then Manager, Syndicate Bank, M I Road Branch recommended and the then AGM/Branch Head, Syndicate Bank, M I Road branch had sanctioned various credit facilities by violating Bank guidelines & without exercising due diligence. The said bank officials allegedly sanctioned Term Loans for purchase of commercial properties, FLCs, Housing loans, OD limits and Working Capital Term Loans to various individuals, firms and companies linked to said accused.

Searches were also conducted at various places at the premises of accused.

 Further investigation is kept open to look into the role of other accused.

The public is reminded that the above findings are based on the investigation done by CBI and evidence collected by it. Under the Indian Law, the accused are presumed to be innocent till their guilt is finally established after a fair trial.

Press Release | Dated: 25.08.2021

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