Ujjain : Chimanganj mandi police arrested Jitendra Singh Rajput in connection with misappropriation of Rs 1.71 crore worth soybean hypothecated by RBL Bank.
According to police the accused runs Kshipra warehouse in village Madavpura in which 5854 bags of soybean of two firms, Sanjana Seeds and Biotec and Jay Rajput Trading Company were stored.
The stored goods were hypothecated by RBL Bank Ltd against a loan of Rs 1.50 crore. The bank handed over the security of the stock to CNX Corporation Limited. CNX Corporation appointed Kesraj Suman for this responsibility. Suman was reported missing in May 2016. After he went missing the bank and CNX Corporation checked the stock and found 4847 bags of soybean, worth Rs 1.71crore, short.
The police arrested Suman on June 2016. During the investigation the police came to know that Suman and Rajput together planned the embezzlement and sold 4847 bags of soyabean flouting the agreement done with the bank. Rajput was also on the run after the incident, but he surrendered on June 13.
The police said that by now Rs 63 lakh have been recovered from the accused and investigation is still on in this matter.