Rs 15 crore loan fraud: CBI court sends 4 accused to 4-year jail

New Delhi, Dec 19 (IANS) A Special CBI Court awarded four years’ imprisonment, along with a penalty of Rs 1 lakh each, to four accused linked to a company involved in a Rs 15 crore loan fraud with IDBI Bank, an official said on Friday.

The Special CBI Court, Delhi, held accused Sanjay Chaturvedi, Amit Chaturvedi, Sumit Chaturvedi and Pravin Juneja – all connected with Shamken Multifab Ltd – guilty of criminal conspiracy and forgery.

In its judgment and order passed on Thursday, the Special CBI Court sentenced the four accused to four years’ imprisonment with a fine of Rs 1 lakh each, said a CBI statement.

The Central Bureau of Investigation (CBI) registered the instant case on February 9, 2009, on the conversion of Preliminary Enquiry, wherein it was alleged that the accused persons, in conspiracy with each other, availed a term loan of Rs 15 crore from Industrial Development Bank of India (IDBI) by submitting false information and forged documents.

After the completion of the investigation, the CBI filed a chargesheet against the accused on April 22, 2010.

It was alleged that the four accused and other officials of Shamken Multifab Ltd (SML) and other unknown persons were parties to a criminal conspiracy during 2000-01 in the matter of obtaining a term loan of Rs 15 crore from the IDBI by submitting false information and forged documents.

The accused allegedly showed utilisation of the loan proceeds of Rs 15 crore and siphoned off all the funds received from the IDBI, for purposes other than the purpose for which the loan was sanctioned, thereby cheating the IDBI.

It was alleged that the accused persons, as part of a criminal conspiracy, prepared and used forged documents as genuine. These documents included the Chartered Accountants Certificate, No Lien Account Statements of the bank and invoices showing the purchase of machines, while no equipment/machinery was purchased from the said loan proceeds and the amount was diverted for purposes other than the purpose for which the loan was sanctioned.

The CBI said the company had faxed forged/false invoices of M/s Sulzer and M/s Staubli on February 13, 2001, to the IDBI. As per the vouchers, the deliveries were made before June 2000, and all the equipment are imported against LCs.

According to the CBI, these forged invoices detail the basis on which the accused persons claimed the disbursement of the term loan from the IDBI and ultimately received the payment. Thus, the accused availed the term loan facility of Rs 15 crore from the IDBI by furnishing false and fabricated statements of No Lien Account and thereby inducing the bank to release the loan instalments.

–IANS

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