Mumbai, March 12: A special court on Thursday dropped charges under the Prevention of Corruption Act in the Rs 140-crore cheating case against Guruashish Construction Pvt Ltd, a firm owned by Rakesh and Sarang Wadhawan, and remitted the matter to a magistrate court for further proceedings.
CBI finds no evidence against bank officials
The order came after the CBI, in its final chargesheet, said it had found no evidence to implicate any public servant of the bank in the case lodged by Union Bank of India against Guruashish Construction. After reviewing the report, the court summoned the bank manager who had filed the complaint.
The manager submitted a no-objection statement to dropping the corruption charges, saying that as per the bank’s guidelines and an internal examination, staff accountability had been assessed in the matter, but no bank official was found accountable. The court accepted the report and dropped the corruption charges.
Additional accused named in final chargesheet
In November last year, the CBI filed its final investigation report and added more accused to the case, including Jitendra Mehta of Mehta Developers, Dinshaw Trapinex Builders, Emerald Realtors, Educational and Scientific Equipment Pvt Ltd, Satyam Realtors and Sapphire Land Development Pvt Ltd.
Earlier, the agency had filed a chargesheet against Guruashish Construction, Sarang Wadhawan and HDIL.
Rs 140 crore cheating allegation
According to the prosecution, Guruashish Construction and its directors cheated Union Bank of India of Rs 140 crore.
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The bank alleged that it had sanctioned a term loan of Rs 200 crore to the company on October 15, 2010, which was disbursed in March 2011 for development of about 40 acres in Goregaon West under an agreement with MHADA.
Investigators alleged the funds were siphoned off and diverted, causing a loss of Rs 140 crore to the bank.
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