CBI REGISTERS A CASE AGAINST THREE DIRECTORS OF KANPUR BASED PRIVATE COMPANY AND OTHERS ON THE ALLEGATIONS OF CHEATING A CONSORTIUM OF SEVEN BANKS

CBI REGISTERS A CASE AGAINST THREE DIRECTORS OF KANPUR BASED PRIVATE COMPANY AND OTHERS ON THE ALLEGATIONS OF CHEATING A CONSORTIUM OF SEVEN BANKS

The Central Bureau of Investigation has registered a case on a complaint dated 18.02.2018 from Bank of Baroda U/s 120-B r/w 420, 467, 468, 471 of IPC and Sec. 13(2) r/w 13(1)(d) of P C Act, 1988 & substantive offences thereof against a Kanpur(Uttar Pradesh) based private company & three Directors from the said company and unknown bank officials & private persons on the allegations that the said Company through its Directors in criminal conspiracy with themselves and other unknown bank officials, cheated Bank of Baroda to the tune of Rs.616.69 crore(approx) including unapplied interest(Rs.456.63 crore + unapplied interest of Rs.160.06 crore). The total outstanding amount of the Members of consortium of seven banks i.e. Bank of India, Bank of Baroda, Indian Overseas Bank,Union Bank of India, Allahabad Bank, Bank of Maharashtra & Oriental Bank of Commerce-has come to Rs.3695 crore(approx), including unapplied interest, by siphoning off bank loans disburbsed to the said company. Searches are being conducted today at the residential & official premises of the accused at Kanpur. A residential apartment and office premises of the accused at Delhi has been sealed. Investigation is continuing.

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CBI REGISTERS A CASE AGAINST MANAGING DIRECTOR OF A MUMBAI BASED PRIVATE COMPANIES AND OTHERS INCLUDING THEN BANK OFFICIALS FOR CAUSING AN ALLEGED LOSS OF RS.4886.72 CRORE(APPROX) TO PNB; CONDUCTS SEARCHES AT 26 LOCATIONS

CBI REGISTERS A CASE AGAINST MANAGING DIRECTOR OF A MUMBAI BASED PRIVATE COMPANIES AND OTHERS INCLUDING THEN BANK OFFICIALS FOR CAUSING AN ALLEGED LOSS OF RS.4886.72 CRORE(APPROX) TO PNB; CONDUCTS SEARCHES AT 26 LOCATIONS

The Central Bureau of Investigation has registered a case on 15.02.2018 U/s 120B r/w 420 of IPC and 13(2) r/w 13(1)(d) of PC Act against a Managing Director of a private company based at Walkeshwar, Mumbai; three Mumbai based private companies; 10 Directors of three private companies based at various places including Mumbai, Pune, Coimbatore(Tamil Nadu); then Deputy Manager(now Retired) of Punjab National Bank; another official and unknown public servants & others on a complaint dated 13.02.2018 received from Punjab National Bank. It was alleged in the complaint by Punjab National Bank that 3 private companies based at Mumbai and their Promoter/Director in connivance with then Deputy Manager, Punjab National Bank and other official had caused an alleged loss of Rs.4886.72 crore(approx) to the bank. The accused officials in conspiracy with the private persons had sent unauthorised LoUs and Foreign Letters of Credit to overseas branches of Indian banks based on which the overseas bank branches released funds to the suppliers of said companies or cleared the liabilities outstanding against the said companies. Searches are being conducted today in 5 states at 26 locations, including Mumbai, Pune, Surat, Jaipur, Hyderabad, Coimbatore at the official & residential premises of accused including said private companies & their Directors; factories/plants etc which led to recovery of incriminating documents and other items. Investigation is continuing.

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Indian bank hit by $1.8bn fraud case

India's second largest state-run bank has uncovered a $1.8bn (£1.3bn) scam linked to a single Mumbai branch.

The fraud amounts to nearly a third of Punjab National Bank's (PNB) market value, and 50 times its profits for the last quarter of 2017.

The bank said the fraudulent transactions appeared to benefit a handful of customers.

But there are concerns the fraud could affect other banks, and hurt confidence in India's banking sector.

Shares hit

India's Enforcement Directorate, a government agency that fights financial crime, will probe the possibility of money laundering in the case.

In a regulatory filing, PNB said the transactions were "for the benefit of a select few account holders with their apparent connivance".

It signalled that the fraud could affect other banks, which "appear to have advanced money to these customers abroad".

Shares in the bank have fallen by more than 10%.

Separately, PNB has made a fraud complaint against prominent Mumbai jeweller, Nirav Modi.

India's Central Bureau of Investigation (CBI) is investigating the allegation that Mr Modi and five others defrauded PNB of $44m in collusion with a deputy branch manager.

Mr Modi is yet to comment, but reports suggest about a dozen of his premises across India have been raided by police.

The CBI has not yet said yet if the case is connected to the $1.8bn fraud.

Bad loans

Indian state banks have been struggling in recent years, stung by a surge in unpaid loans.

That bad debt has made it more difficult for banks to increase lending to businesses, that could accelerate the economic growth of Asia's third-largest economy.

The government recently announced a $14bn bailout for state-run banks.

50 ACCUSED CONVICTED IN A CASE RELATING TO FODDER SCAM; AWARDED THREE TO FIVE YEARS RIGOROUS IMPRISONMENT WITH HEAVY FINES

50 ACCUSED CONVICTED IN A CASE RELATING TO FODDER SCAM; AWARDED THREE TO FIVE YEARS RIGOROUS IMPRISONMENT WITH HEAVY FINES

The Special Judge, AHD Cases, Ranchi today sentenced 50 accused in a case relating to fodder scam. The following sentences were awarded to them:- Shri Lalu Prasad to undergo five years Rigorous Imprisonment with fine of Rs.10 lakh; Dr. Jagannath Mishra to undergo five years Rigorous Imprisonment with fine of Rs.10 lakh; Shri Vidya Sagar Nishad, to undergo three years RI with fine of Rs.1.50 lakh; Shri Jagdish Sharma to undergo five years RI with fine of Rs.10 lakh; Shri Dhuruv Bhagat to undergo three years RI with fine of Rs.1.50 lakh; Dr. Ravindra Kumar Rana to undergo five years RI with fine of Rs.10 lakh; Shri Phool Chand Singh to undergo four years RI with fine of Rs.2 lakh; Shri Mahesh Prasad to undergo four years RI with fine of Rs.2 lakh; Shri Sajal Chakaraborty to undergo four years RI with fine of Rs. 2 lakh; Dr. Kirti Narayan Jha to undergo five years RI with fine of Rs.22 lakh (approx); Dr. Krishna Mohan Prasad to undergo five years RI with fine of Rs. 22 lakh(approx); Dr. B.N. Sharma to undergo five years RI with fine of Rs. 22 lakh (approx); Shri Silas Tirkey to undergo five years RI with fine of Rs.12 lakh (approx); Dr. Arjun Sharma to undergo five years RI with fine of Rs.12 lakh (approx); Md. Sayeed to undergo five years RI with fine of Rs. One lakh; Md. Hussain to undergo five years RI with fine of Rs. One lakh; Md. Ekram to undergo five years RI with fine of Rs. One lakh; Dr. Tripurari Mohan Prasad to undergo five years RI with fine of Rs. One lakh; Shri Sushil Kumar to undergo three years RI with fine of Rs. 80,000/-; Shri Suresh Dubey to undergo five years RI with fine of Rs. One lakh; Shri Satendra Kumar Mehra, to undergo five years RI with fine of Rs. One lakh; Shri Umesh Dubey, to undergo five years RI with fine of Rs.One lakh; Shri Vijay Kumar Mallick to undergo five years RI with fine of Rs. One lakh; Shri Mahendra Kumar Kundan to undergo five years RI with fine of Rs. One lakh; Shri Rajesh Mehra to undergo five years RI with fine of Rs. One lakh; Shri Jag Mohan Lal Kakkar to undergo five years RI with fine of Rs. One lakh; Shri Sanjay Sinha to undergo five years RI with fine of Rs. One lakh; Shri Ravi Kumar Sinha @ Ravinandan Sinha to undergo five years RI with fine of Rs. One lakh; Md. Zahid Hussain, to undergo five years RI with fine of Rs. One lakh; Shri Dayanand Prasad Kashyap to undergo five years RI with fine of Rs. One lakh; Shri Ram Nandan Singh to undergo five years RI with fine of Rs. One lakh; Shri Srinath Singh to undergo three years RI with fine of Rs. 40,000/-; Shri Sharad Kumar to undergo five years RI with fine of Rs. One lakh; Smt. Nirmala Prasad to undergo three years RI with fine of Rs. 80,000/-; Smt. Anita Prasad to undergo three years RI with fine of Rs. 80,000/-; Shri Sidharth Kumar to undergo three years RI with fine of Rs. 80,000/-; Shri Jyoti Kumar Jha to undergo three years RI with fine of Rs. 80,000/-; Shri Bijayaeshwari Prasad Sinha to undergo five years RI with fine of Rs. One lakh; Shri Samir Walia to undergo five years RI with fine of Rs. One lakh; Shri Prakash Kumar Lal to undergo five years RI with fine of Rs. One lakh; Shri Devendra Kumar Roy to undergo five years RI with fine of Rs. One lakh; Smt. Chanchala Sinha to undergo three years RI with fine of Rs. 80,000/-; Shri Subhasish Deb to undergo five years RI with fine of Rs. One lakh; Shri Ravi Sinha to undergo five years RI with fine of Rs. One lakh; Dr. Ajit Kumar Verma to undergo five years RI with fine of Rs. One lakh; Shri Mohindra Singh Bedi to undergo five years RI with fine of Rs. One lakh; Smt Madhu Mehta to undergo three years RI with fine of Rs. 80,000/-; Shri Harish Kumar, to undergo five years RI with fine of Rs. One lakh; Sri Bimal Kumar Agarwal to undergo five years RI with fine of Rs. One lakh and Shri Sunil Kumar Sinha to undergo five years RI with fine of Rs. One lakh. CBI had registered the instant case on 28.08.1996 in compliance of orders passed by the Hon’ble High Court and Hon’ble Supreme Court on 11.03.1996 and 19.03.1996 respectively. It was alleged that accused public servants of District Animal Husbandry Office and District Treasury Office, Chaibasa in conspiracy with accused suppliers had fraudulently & dishonestly withdrew an amount of Rs. 37.62 crore (approx) during the Financial Year 1992-93 on the basis of false & fake allotment letters, supply orders and bills fabricated by the accused persons. After thorough investigation, charge sheet was filed on 12.12.2001 against accused persons including Shri Lalu Prasad, Dr. Jagannath Mishra and others in the Designated Court. Charges against the accused persons were framed on 25th April 2005. The Trial Court found 50 accused guilty and convicted them. Six accused were acquitted by the Court. 14 accused expired during trial.

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1995 SUPP (4) SCC 600 MISHRILAL RAMRATAN V/S AS SHAIK FATHIMAL PROOF OF NECESSITY OF - REPORT OF THE COMMISSIONER APPOINTED BY COURT REGARDING THE EXISTENCE OF SUCH NECESSITY, HELD, CANNOT BE OVERLOOKED OR REJECTED MERELY BECAUSE NON-EXAMINATION OF THE COMMISSIONER AS A WITNESS

1995 SUPP (4) SCC 600

MISHRILAL RAMRATAN V/S AS SHAIK FATHIMAL

PROOF OF NECESSITY OF - REPORT OF THE COMMISSIONER APPOINTED BY COURT REGARDING THE EXISTENCE OF SUCH NECESSITY, HELD, CANNOT BE OVERLOOKED OR REJECTED MERELY BECAUSE NON-EXAMINATION OF THE COMMISSIONER AS A WITNESS 

(2015) 13 SCC 613 = AIR 2015 SC 1236 = (2016) 1 SCC (CRI) 788 = (2015) 148 AIC 244 (SC) = (2015) 3 ALL LJ 463 = (2015) 3 LW 358 (SC) = (2015) 3 ALD 13 (SC) = (2015) 110 ALR 239 ZARIF AHMED = MOHD. FAROOQ PROOF OF - EVINDENCE LED BY PARTY VERSUS - FINDING OF COURT COMMISSIONER

(2015) 13 SCC 613 =  AIR 2015 SC 1236 = (2016) 1 SCC (CRI) 788 = (2015) 148 AIC 244 (SC) = (2015) 3 ALL LJ 463 = (2015) 3 LW 358 (SC) = (2015) 3 ALD 13 (SC) = (2015) 110 ALR 239 ZARIF AHMED = MOHD. FAROOQ

PROOF OF - EVINDENCE LED BY PARTY VERSUS - FINDING OF COURT COMMISSIONER

(1985) 4 SCC 333 = AIR 1986 SC 302 HARBANS LAL V/S JAGMOHAN SARAN ART. 226 - PRACTICE - APPRECIATION OF EVIDENCE BY HIGH COURT UNDER - OBJECTION AGAINST REPORT RENT CONTROL COMMISSIONER NOT DISPOSED OF BY TRIAL COURT - REPORT THUS NOT A FINAL DOCUMENT AND CANNOT BE TAKEN INTO CONSIDERATION - HENCE EXAMINATION OF MATERIAL ON RECORD BY HIGH COURT ON GROUND THAT REPORT HAD NOT BEEN CONSIDERED BY

(1985) 4 SCC 333 = AIR 1986 SC 302

HARBANS LAL V/S JAGMOHAN SARAN

ART. 226 - PRACTICE - APPRECIATION OF EVIDENCE BY HIGH COURT UNDER - OBJECTION AGAINST REPORT RENT CONTROL COMMISSIONER NOT DISPOSED OF BY TRIAL COURT - REPORT THUS NOT A FINAL DOCUMENT AND CANNOT BE TAKEN INTO CONSIDERATION - HENCE EXAMINATION OF MATERIAL ON RECORD BY HIGH COURT ON GROUND THAT REPORT HAD NOT BEEN CONSIDERED BY