The Chief Judicial Magistrate in Jammu, Anjum Ara, has framed charges against M/s I D Sood Ispat Pvt. Ltd. directors in a multi-crore bank fraud case, where the company allegedly cheated the Bank of India of Rs 18.10 crore through credit facilities, fund diversion, and willful default.
The CBI registered an FIR against the company under Sections 120-B, 420, and 409 IPC based on a complaint alleging cheating the Bank of India of Rs 18.10 crore.
The fraud involved diverting funds, willful default, and irregularities revealed in the forensic audit of M/s Jhelum Infra Projects India Pvt Ltd. M/s IDSIPL, engaged in manufacturing steel ingots, took over term loan and working capital limit from Punjab and Sind Bank in 2013.
The bank declared the account as NPA on 31-03-2015 due to unsatisfactory conduct, leading to a forensic audit in 2016.
The charges are supported by oral, documentary evidence, and CFSL report, indicating a clear case of conspiracy, fraud, and cheating.
CJM observed sufficient prima facie material on record to connect the accused persons with the offenses, rejecting the discharge plea.
The accused persons, including directors Raj Kumar Gupta, Rajat Mahajan, Sanjay Gupta, Raj Kumar Gupta, and Rahul, are charged under Section 120-B read with Section 420 RPC.
The court believes that the accused persons have committed the offenses, considering the totality of circumstances and facts of the case.
This court case involves serious allegations of financial misconduct and fraud, leading to the framing of charges against the accused directors of M/s I D Sood Ispat Pvt Ltd in connection with a multi-crore bank fraud.