DINESH GUPTA Vs. STATE

JUDGEMENT

(1.) By this judgment, two petitions, under Section 561-A of J&K Cr.PC challenging F.I.R No. 331/2009 for offences under Sections 420, 467 and 468 RPC registered with Police Station, Gandhi Nagar, Jammu filed by above named petitioners are proposed to be disposed of.

(2.) The facts giving rise to the filing of these petitions are that on 01.12.2009, Police Station, Gandhi Nagar, Jammu received a written complaint from respondent No. 2 alleging therein that the petitioners herein are in collusion and misusing the public money by using their position and authority. As per the complaint, in the year, 2001, the petitioner-Kuldeep Kumar Gupta, while working as Branch Manager, Ware House Branch of the Citizen's Cooperative Bank Ltd. hatched a criminal conspiracy to rob the bank by fraudulently raising loan of Rs. 10 lakhs in favour of one Sh. Rajinder Kumar. It was averred in the complaint that as per the norms of the Bank to raise loan of Rs. 10 lakhs, a security deposit of at least Rs. 20 lakhs is required, whereas, in the instant case, the borrower had produced collateral security in the shape of land measuring 14 kanals 06 marlas situated at Village Gatta Gajansoo, which was valuing only about Rs. 1.5 lakhs. It was alleged that the petitioner-Kuldeep Kumar Gupta hatched a deep rooted conspiracy with Sh. Rajinder Kumar and got the valuation of the property in question done from an approved valuer of the Citizens Cooperative Bank Ltd., M/S Khosla and Co., who exaggerated the value of the land to the tune of Rs. 20, 02, 000/-. It was further alleged that the petitioner Kuldeep Kumar Gupta himself exaggerated the value of the land in the capacity of Branch Manager and recommended sanctioning of loan worth Rs. 10 lakhs in favour of Rajinder Kumar. The complaint further goes on to state that after getting the necessary sanction, M/S Rajinder Kumar and Co. withdrew money from the loan account on the basis of fake performa bills and the loan money was never used for the purpose for which it had been sanctioned.

(3.) According to the complaint, the fake performa bills were arranged by the petitioner-Kuldeep Kumar Gupta. It was further stated in the complaint that the account became a non performing asset as the loan was not repaid and the then administrator of board of Citizen's Cooperative Bank Ltd. directed proper verification of collateral security by the competent authority, who vide his report dated 05.11.2005 stated the valuation of the collateral security as Rs. 1.45 Lakh only. It was further alleged in the complaint that the present Chairman of the Citizen's Cooperative Bank, petitioner-Dinesh Gupta is trying to hush-up the matter and settling the case by giving heavy rebate so as to erase the sins of the petitioner-Kuldeep Kumar Gupta for heavy consideration which can be ascertained by sustained interrogation. On the basis of this complaint, the F.I.R which is subject matter of challenge of afore titled two petitions came to be registered by police station Gandhi Nagar and investigation of the case was set into motion.