TaxTMI 
TaxTMI 
2024 (7) TMI 1763
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....67, 468 & 471 of IPC and also under Section 13(2) read with Section 13(1) (c) & (d) of PC Act, 1988. After investigation police filed the charge- sheet against the accused persons, namely, Bharat Bomb, Shankar Khandelwal, Vipul Kaushik, Santosh Kumar Gupta (Branch Manager Syndicate Bank, Udaipur), Usha Gupta and the investigation is stated to be pending against the remaining accused persons. As per the facts of the case, during the period from 2011 to 2016, the bank officials of three branches of Syndicate Bank at Malviya Nagar Branch, Jaipur; M.I Road Branch, Jaipur; and Bapu Nagar Branch, Udaipur, in collusion with the group of customers, by way of interlinked fraudulent transactions by resorting to discounting of forged tax; discounting of forged in-land bills and billing of OD facility against non-existent LIC policies, caused the bank, with deliberate and fraudulent intention to a huge loss to the tune of Rs.1055 crores by siphoning of the funds of the bank for illegal personal gains. The mastermind of the whole fraud is a Chartered Accountant name Bharat Bomb, Shanker Khandelwal, and Piyush Jain along with the bank officials. Over 386 bank accounts were opened by the su....
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....e said premises are with the appellant, as security for the loan. He argued that respondent ED was aware of this fact that the attached property is the mortgaged with the appellant finance company, even then, the appellant was not impleaded by the appellant as a necessary party in complaint filed on 12.10.2018. As per Agreement to Sell at page 748 of appeal paper book, Mahendra Meghwal agreed to purchase the said property Vila No. 40 for sum of Rs. 60 lakhs and paid advance of Rs. 10 lakhs. On the basis of said agreement with M/s Govind Kripa Buildcon Pvt. Ltd., in favor of Mahendra Meghwal. ICICI Home Finance sanctioned home loan of Rs. 45 lakhs vide sanction letter dated 24.07.2013. Sale Deed was executed in favor of Mahendra Meghwal of 06.09.2013 and the said title Deed is in the possession of appellant finance company. The said loan was released by the appellant after checking the Income Tax Returns, bank account details and books of accounts of M/s Janvi Construction Co., the proprietorship concern of Mahendra Meghwal/mortgagor. Appellant finance company also collected the chain of documents along with approved site plan. Appellant released sum of Rs. 43,94,000/- directly in f....
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....y accused Bharat Bomb, CA and his associates to the tune of Rs. 1055.79 Cr and Rs. 209.93 Crores, with Syndicate Bank in connivance with its employees. He pointed out that accused Bharat Bomb opened many bogus firms and companies in the name of M/s JLN Metal House, M/s Raj Minerals, M/s Janvi Constructions & Marbles, M/s Janvi Material Trading Company Pvt Ltd., M/s Lucky Trade Industries, Janvi Material Trading Company LLP, M/s Namonarayan Traders, M/s Janvi Construction Company and in the said firms/companies, he made Mahender Meghwal as Director/Partner/Proprietor. Thus, Bharat Bomb used Mahendra Meghwal and other associates for committing fraud by creating many firms in their names and their family members. Thereafter, many bank accounts were opened in the name of said firms and companies and availed loans from the Syndicate Bank and misused the said bank accounts by taking the loans/credit facilities and siphoning of the same. He pointed out that sum of Rs. 66,88,400/- was recovered from the house of Mahendra Meghwal during CBI raid. Mahendra Meghwal was complicit in commission of crime and sharing the fruits of crime with main accused Bharat Bomb. He pointed out that during in....
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....ails of Mahender Meghwal and bank statements and books of account of his company M/s Janvi Constructions Company are not annexed. Accordingly, he stressed that release of loan by the appellant at the instance and connivance with Bharat Bomb in the name of Mahender Meghawal is apparent on record. This fact is also discernible since Mahendra Meghawal is not claiming this property and the cash of Rs. 66,88,400/- seized from his house, being of main accused Bharat Bomb. He pointed out that during investigation of PMLA case, it is revealed that accused Bharat Bomb used to operate M/s Janvi Constructions and was instrumental for obtaining home loan in the name of Mahendra Meghwal. He pointed out as per Mahendra Meghwal, he was earning salary of Rs. 30-35 thousand but was in EMI of Rs. 44,927/- which also creates doubt on the intention of the employees of appellant, ICICI Home Finance for sanctioning and releasing the loan, without adhering to the banking norms. Prayer is accordingly made to dismiss the present appeal being devoid of any merit and thereby uphold the impugned order dated 09.11.2018 passed by the Ld. Adjudicating Authority. 5. After hearing the rival submissions, I have ....