PANJAB AND SIND BANK Vs. PARAMJIT SINGH BAKSHI

JUDGEMENT

(1.) Instant is a suit filed for recovery of Rs. 44,32,086.01 p. besides interest accrued thereon, which is claimed @ 17.5% per annum with quarterly rests. The defendant No. 1 was working as a Manager with the plaintiff bank at Branch Office Rejindra Place, New Delhi. It is alleged that while working as incharge of advances portfolio from 29th July, 1996 to 17th August, 2000, he committed serious.irregularities and raised fictitious loans of huge amounts under his password and also debited various amounts in interest paid on deposits account and credited the same in the bank accounts of himself and his wife and thus, derived wrongful gains by illegal means. He also credited some amount by creating illegal and fictitious transactions in the saving account of the defendant No. 2, his wife maintained in the said branch of the plaintiff bank. The details of these fraudulent transactions as given in the plaint are as under: <FRM>JUDGEMENT_542_DLT131_2006Html1.htm</FRM>

(2.) The defendant No. 1 debited interest paid on deposits account and credited Savings Bank Account No. 7427 of his wife, Mrs. Charanjit Kaur, the details of which are given below: <FRM>JUDGEMENT_542_DLT131_2006Html2.htm</FRM>

(3.) The defendant No. 1 debited interest paid on deposits account unauthorisedly and credited the amounts in his loan account No. 301/205, the details of which are given below: <FRM>JUDGEMENT_542_DLT131_2006Html3.htm</FRM>