3 Ludhiana industrialists booked for Rs 69-cr bank fraud

The Ludhiana police have registered a case against three industrialists for committing a fraud of Rs 68.91 crore with Indian Bank. The case was registered on the complaint of bank’s chief manager in Chandigarh Sandeep Rathi.

He stated in the complaint that the suspects had committed a criminal breach of trust, cheating, falsification of accounts resulting in wrongful loss to the tune of Rs. 68.91 crore to the bank.

The investigation of the case was carried out by Additional Deputy Commissioner of Police (Operations), Ludhiana, Ramandeep Bhullar, following which an FIR was registered at the Police Division 2 on Sunday.

The suspects were identified as Dhrampal Jain, Jainender Jain and Anju Jain, wife of Jainender.

The complainant alleged that since 2008, Rs 68.91 crore loan and credit facility was obtained by Dharampal Jain and Jaininder Jain, who are directors of Vallabh Exports and Vallabh Overseas, and Anju Jain, proprietor of AJ Impex. The firms of the suspects had issued new export bills in the names of wrong buyers, despite the existence of previous outstanding bills. The new bills were discounted

by the bank and many bills were issued in the name of Golden Century Textile Trading company, which were returned by foreign banks.

The complainant alleged that the suspects had misappropriated funds of their bank. It is clear that the suspects had obtained a total loan and credit facility of Rs 68.91 crore from the bank since 2008 and by cutting export bills in the name of wrong buyers and misappropriating the bank’s funds, thereby defrauded the bank by deriving illegal financial benefits for themselves and causing illegal financial losses to the bank.

Meanwhile, the police said if during investigation, if any matter comes to light regarding the use of fake documents or the involvement of any other person, action would be taken as per the law.