Court orders FIR against firm for fraud while taking loan
A Delhi court has ordered registration of an FIR against a Capital-based agro-products company and its promoter directors for securing a loan of Rs 10 crore from Yes Bank Ltd allegedly using fraudulent means.
By PTI |
NEW DELHI: A Delhi court has ordered registration of an FIR against a Capital-based agro-products company and its promoter directors for securing a loan of Rs 10 crore from Yes Bank Ltd allegedly using fraudulent means.
"It seems there are sufficient allegations, prima facie, for commission of an offence which required investigation through the police. Therefore, SHO Defence Colony is directed to register the case under appropriate provisions of the law," Metropolitan Magistrate Chandrashekhar said.
The court order came following a complaint filed by the Bank alleging Sutlej Agriculture Private Ltd, whose head office is at Defence Colony here, and its promoter directors, Gurnihal Singh Mann and S S Mann, had taken a loan of Rs 10 crore using forged documents.
The accused should be booked under various provisions of the IPC dealing with cheating, forgery, using forged documents as genuine and criminal conspiracy, the complaint said.
They (directors) had promised to abide by all the conditions contained in the credit facility letter, issued by the Bank on August two, 2006 in favour of the accused, the complaint alleged.
As per the terms of loan agreement, the credit facility was to be utilised through cash credit account with the Bank and the company had to deposit the sale proceeds in that account, it said.
The accused company, for getting the loan sanctioned, had shown its worth to be Rs 13.33 crore with the help of some forged documents, the complaint said.
Finding prima-facie substance, the court asked the police to probe the matter after lodging an FIR.
"It seems there are sufficient allegations, prima facie, for commission of an offence which required investigation through the police. Therefore, SHO Defence Colony is directed to register the case under appropriate provisions of the law," Metropolitan Magistrate Chandrashekhar said.
The court order came following a complaint filed by the Bank alleging Sutlej Agriculture Private Ltd, whose head office is at Defence Colony here, and its promoter directors, Gurnihal Singh Mann and S S Mann, had taken a loan of Rs 10 crore using forged documents.
The accused should be booked under various provisions of the IPC dealing with cheating, forgery, using forged documents as genuine and criminal conspiracy, the complaint said.
They (directors) had promised to abide by all the conditions contained in the credit facility letter, issued by the Bank on August two, 2006 in favour of the accused, the complaint alleged.
As per the terms of loan agreement, the credit facility was to be utilised through cash credit account with the Bank and the company had to deposit the sale proceeds in that account, it said.
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The accused company, for getting the loan sanctioned, had shown its worth to be Rs 13.33 crore with the help of some forged documents, the complaint said.
Finding prima-facie substance, the court asked the police to probe the matter after lodging an FIR.
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