2 rice millers booked for defrauding bank

Our Correspondent

Fazilka, October 1

The police have booked brothers Raman and Amandeep Josan, both rice millers of Jalalabad, for defrauding the Muktsar branch of the State Bank of India in a Rs 8.7-crore loan case.

Rachpal Sidhu, Chief Manager, SBI branch, Malout Road, said the accused had availed cash credit limit of Rs 6 crore and a term loan of Rs 2.7 crore from the bank in 2010 for their mill. Guarantors had pledged their property in favour of the bank in lieu of obtaining the loan.

Investigating officer Chander Shekhar said 117-kanal, 13-marla land at Ghubaya village, mortgaged with the bank, had allegedly been sold by the guarantor to other persons by preparing fake documents in connivance with the patwari concerned.

After conducting an inquiry, the duo was booked under Sections 420, 465, 467, 468, 471 and 120-B of the IPC.