EOW begins probe against private company for defrauding bank
New Delhi: The Economic Offences Wing (EOW) has started their investigation after private bank alleged cheating by the company and its officials. According to police, the case was against Jiya Agro Private limited and four persons.
The complainant in the case told the police that suspects in the case requested for grant of certain cash credit facilities, the bank has issued credit sanction advice dated 22-09-2015 read with credit sanction advice dated 23-09-2015 to Jiya Agro.
Complainant further told police that it was duly accepted by all the suspects for the cash credit facility of Rs two crore fifty lakhs with prime security hypothecation of all current assets (stock comprising of grains and seed, flours, pulses, oilseeds, edible oils etc) and entire book debts of the borrower company and with collateral security-mortgage of land and revenue estate of Sahibabad Daulatpur mortgaged by the suspects.
The suspects in the case also stood as guarantors and executed various loan and security documents favouring bank including the letter of guarantee, trust letter executed by suspects.
Later the credit facility was enhanced from Rs two crore fifty lakh to three crore twenty-five lakh at the request of all the suspects.
"Recently legal audit was conducted by the bank and during a legal audit it was found by comparing the original sale deed there is the difference in signatures of the vendor (who sold property) signatures of witnesses, the signature of advocate and also the signature of Sub-Registrar concern found different," complainant further told police.
According to police accordingly, it was found that the title deeds available with the bank are not genuine while comparing with the records of Sub-Registrar office and hence mortgage in favour banks is not enforceable.
From the facts, The suspects with an intention to cheat, defraud the bank for the obtention of credit facilities of three crore twenty-five lakh.
Police said that they have registered a case under sections 406,420,467, 468, 471 and 120 B at EOW police station.