SRI SOMANATHA ADHIKARI Vs. STATE OF ORISSA

JUDGEMENT

(1.) Heard learned counsel for the petitioner and learned counsel for the State.

(2.) The petitioner is an accused in C.T. Case No. 1093 of 2013 on the file of learned S.D.J.M., Bhubaneswar corresponding to EOW P.S. Case No. 06 of 2013 registered under Sections 420/468/471/12-B, I.P.C.

(3.) It is alleged that the petitioner as The Managing Director of one company in the name and style of M/s. S.G.C. Trading (P) Ltd. obtained a loan of Rs. 5.25 crores from Central Bank of Punjab, which was subsequently merged with HDFC Bank Ltd. by mortgaging certain properties. In course of verification, it was found out that the properties, so mortgaged with the Bank were shown with an inflated valuation in connivance with some Bank official. It was alleged that the entire transaction was conceived and executed by all the participants including the present petitioner and the Bank officials with a dishonest intention for availing the loan by furnishing over valued properties as mortgage. It is further alleged that after availing the loan of Rs. 5.25 crores, the petitioner's company repaid a sum of Rs. 92,46,030.00 (Rupees ninety-two lakhs forty-six thousand thirty) and defaulted thereafter by not repaying that it was found from the record that the lands mortgaged with the Bank remain submerged during rainy season being adjacent to the riverbed and it has no utility for any purpose. It is also alleged that the total amount outstanding against the present petitioner and others including the interest is around of Rs. 17,00,00,000.00 (rupees seventeen crores).