Srinagar, July 1: The High Court has dismissed a batch of petitions challenging the charge sheets arising out of FIR registered by Anti-Corruption Bureau (Central), Srinagar and Central Bureau of Investigation in multi crore loan fraud by Aman Hospitality Pvt. Ltd (AHPL) in connivance with J&K Bank officials and directed the trial court to proceed ahead with the trial of the case independently and uninfluenced by any observation made in this judgment.
Justice Sanjay Dhar in a detailed judgment refused to quash the trial court proceedings as also the CBI proceedings in a multi crore loan fraud case. It is alleged in the FIR that the borrower company turned wilful defaulter as it failed to repay the loan amount at regular intervals and the Bank took a decision on for restructuring the loan account and an amount of Rs.165.82 crores was sanctioned as funded interest term loan by all the member banks in favour of the company out of which J&K Bank sanctioned Rs.47.21 crores against interest amount.
Since the company failed to repay the loan amount, the J&K Bank authorities declared the loan account as 'NPA' and outstanding amount against the company was Rs.261.47 crores as principal amount and the interest component of Rs.27.8 crores.
Thus, the total outstanding amount against the borrower company in respect of the Jammu and Kashmir Bank was Rs.289.28 crores.
It is alleged that J&K Bank officials illegally and with malafide intention settled the loan account for an amount of Rs.128.94 crores only against total outstanding amount of Rs.289.28 crores, which was less than one half of the principal amount of Rs.261.47 crores.
It is further alleged in the FIR that the J&K Bank, being the lead bank, through its management as well as its officers/officials, by abuse of their authority for pecuniary considerations, in connivance with Raj Singh Gehlot, Dayanand Singh and Aman Gehlot, Promoter Directors of AHPL, illegally and through a dubious deal, conferred huge pecuniary benefits of Rs.160.34 crores upon the promoters without taking recourse to proceedings under SARFAESI Act and straight away going for one-time settlement.
Thus, as per the allegations made in the FIR, the Jammu and Kashmir Bank suffered huge monetary loss to the tune of Rs.289.28 crores.
On the basis of aforesaid allegations, it has been noted in the FIR that commission of criminal misconduct by the management/officers/officials of the J&K Bank and the Promoter/Directors of the beneficiary company and others, is disclosed which constitute offences under Section 5(1)(d) read with Section 5(2) of the J&K Prevention of Corruption Act and Section 120-B of RPC.
After investigation of the case by ACB, it was revealed that a term loan of Rs.100 crores along with bank guarantee of Rs.5 crores was advanced by the J&K Bank to AHPL, which was approved by the Board of Directors of the J&K Bank.
After availing the said term loan, the borrower company availed the second term loan of Rs.50 crores, third term loan of Rs.77 crores on 30.01.2012, and funded interest term loan of Rs.47.21 crores.
During the investigation conducted by ACB, the allegations of criminal conspiracy, criminal breach of trust, cheating and criminal misconduct by public servants were established in respect of first disbursement of Rs.35 crores out of first term loan of Rs.100 crores.
It was revealed that though funds were disbursed to AHPL through its designated account bearing Current Account No.637 maintained at J&K Bank, Ansal Plaza, New Delhi, yet from there the same were transferred to the account of M/S APL.
After conducting part investigation in respect of first disbursal of Rs.35 crores out of first term loan of Rs.100 crores, the J&K ACB filed charge sheet for offences under Section 120-B read with 409, 420 RPC against Raj Singh Gehlot, Mohan Singh, Gehlot, Madhu Bakshi, M/S Aman Hospitality Pvt. Ltd., M/S Ambiance Pvt. Ltd., M/S NGR Consultants Pvt. Ltd., M/S Raj Commercial Land Agencies, Rakesh Kumar Kharyal, the then Branch Head, J&K Bank Limited, Ansal Plaza Branch, New Delhi, and Kuldeep Kumar Gupta, the then Loan Manager, J&K Bank Limited, Ansal Plaza Branch, New Delhi, before the Court of Special Judge Anti-Corruption, Srinagar. Investigation of the case was kept open in respect of other transactions pertaining to the loan which was subject matter of the FIR as also with regard to the role of other senior bank officers.
The court recorded that merely because the Bank has agreed to enter into a one time settlement with the borrower company, the criminal liability of the borrower company and its Directors cannot be wiped away once it is shown from the material annexed with the charge sheet that there has been fraudulent conduct on the part of the borrower company, inasmuch as it has used the loan amount for a purpose other than the purpose for which it was sanctioned, which has led to the loan account turning 'NPA.
"For what has been discussed hereinbefore, I do not find any merit in these petitions. The same are dismissed accordingly. Interim direction(s), if any, shall cease to be in operation.
The trial court shall proceed to consider the matter independently and uninfluenced by any observation made in this judgment," the court said.
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