A special court has refused protection from arrest in a fraud case concerning Union Bank of India to a 64-year-old director Chandrakant Patel of company Pushpak Bullions. It reasoned that the gravity of the offences are serious.
𝗣𝗹𝗲𝗮 𝗱𝗲𝘀𝗲𝗿𝘃𝗲𝗱 𝘁𝗼 𝗯𝗲 𝗿𝗲𝗷𝗲𝗰𝘁𝗲𝗱, 𝘀𝗮𝘆𝘀 𝗰𝗼𝘂𝗿𝘁
The court further said the accused will not be available for custodial investigation if it gives relief and this will affect the interest of the case. At this early stage his plea deserves to be rejected, it added.
The CBI had filed a closure report in its first FIR concerning the matter. The court had rejected it in Oct 2020 and directed it to conduct a fair and impartial probe. The agency had filed a second closure report, which the court had accepted. Four months later, the CBI lodged a fresh FIR in November last year.
𝗔𝗰𝗰𝘂𝘀𝗲𝗱 𝗽𝗿𝗼𝗱𝘂𝗰𝗲𝗱 𝗳𝗼𝗿𝗴𝗲𝗱 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝘀𝘁𝗮𝘁𝗲𝗺𝗲𝗻𝘁𝘀, 𝘀𝗶𝗽𝗵𝗼𝗻𝗲𝗱 𝗼𝗳𝗳 𝗺𝗼𝗻𝗲𝘆
As per the agency's FIR, the company through its two directors had got credit facilities of Rs. 140 crores sanctioned from the Union Bank of India and Bank of India. The accused allegedly submitted forged financial statements and siphoned off money. This caused a total loss of Rs. 83 crores to the two banks.
The court noted that Patel was director of the firm at the relevant time. Noting the role attributed to him by the CBI of submitting forged documents and siphoning money and inflation sales and purchase figures by accommodating entries, it said his complicity in the offence is immense. It also pointed out that for the offence of forgery, imprisonment is upto life imprisonment. It said further that while considering bail applications, it is supposed to consider the seriousness of the charge and the severity of punishment.
Special CBI judge AS Sayyad stated in the order that the investigation is at a nascent stage and ongoing. In such serious offences, it said, the opportunity needs to be given to the investigating agency to unearth the truth of the crime.
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