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DELHI POLICE EOW ARRESTED ACCUSED WHO CHEATED PUNJAB NATIONAL BANK TO THE TUNE OF 24.13 CRORES

November 24, 2020 07:55 PM

• THE ACCUSED HYPOTHECATED STOCK WITH THE BANK AND SOLD THE SAME WITHOUT INFORMING THE BANK

 New Delhi (Face2News)

Economic Offences Wing of Delhi Police has arrested an accused Pradeep Kumar Mittal S/o- Lt. Sh. Krishan Das Mittal R/o- H. No. 91, G.F. Harsh Vihar, Pitampura, New Delhi aged 46 years, Director of M/s Bhumika Ispat UdyogPvt. Ltd., in case FIR No 54/18 dated 15.03.18 U/s- 406/420/120B IPC, PS EOW for duping Punjab National Bank.

Dr. O.P. Mishra, IPS, Jt. Commissioner of Police , Economic Offences Wing, said, the complainant Punjab National Bank has alleged that in 2013 M/S Bhumika Inspat Udyog Pvt Ltd, having registered office at 157, 3rd Floor, Harsh Vihar, Pitampura, Delhi has availed various loans i.e. Cash credit limit, LC, Term Loans worth Rs 24.13Crores through its directors by hypothecating stock of raw material, semi furnished and unfinished goods, goods in transit, goods lying in the company’s godown/factory and agreed to submit the statement of stocks and book debts regularly to the bank.

Dr. O.P. Mishra, IPS, Jt. Commissioner of Police , Economic Offences Wing, said, the complainant Punjab National Bank has alleged that in 2013 M/S Bhumika Inspat Udyog Pvt Ltd, having registered office at 157, 3rd Floor, Harsh Vihar, Pitampura, Delhi has availed various loans i.e. Cash credit limit, LC, Term Loans worth Rs 24.13Crores through its directors by hypothecating stock of raw material, semi furnished and unfinished goods, goods in transit, goods lying in the company’s godown/factory and agreed to submit the statement of stocks and book debts regularly to the bank.

In the year 2014 when the alleged company failed to submit the statement of stock and book debit to the complainant bank, the bank visited the factory premises/ godown and found very negligible stock lying there and unit was found non-functional/closed. Thus directors of the alleged company have sold out the hypothecated stock and siphoned off the amount without the knowledge of the complainant Bank. The amount involved in the present case is Rs 24.13 Crore.

MODUS OPERANDI:  The directors of the company had availed credit facilities in 2013 from the complainant bank. The bank secured the credit facilities through the security by way of hypothecation of stock of raw materials, semi finished goods, goods in transit and book debts. Some properties were also mortgaged as collateral by the alleged company Bhumika Ispat Udyog (P) Ltd.

The alleged company started submitting the statement of stock, book and debts and other financial papers but from March 2014 stopped to submit the same to the bank. During inspection of the factory only Rs 12-15 lacs stock was found in the factory. Alleged Bhumika Ispat Pvt Ltd completely failed to answer the shortage of the stock. At the same time, they also failed to deposit the sale proceeds of the stock in the bank.

ARREST : Pradeep Kumar Mittal S/o- Lt. Sh. Krishan Das Mittal R/o- H. No. 91, G.F. Harsh Vihar, Pitampura, New Delhi has been formally arrested on 23rd November 2020 and released on bail as per the order of the Hon’ble ASJ, Rohini Court. SI Anand Prakash and HC Krishan Kumar have interrogated the accused Pradeep Mittal and arrested him in the present case.

 PROFILE OF ACCUSED: Pradeep Mittal is the main person who was looking after the company. Accused Pradeep Mittal entered as purchaser into Agreement to sale with the seller M/s Amrit Tubes Pvt ltd on 24 Feb 2012 & 15th March 2012. Last stock statement was submitted by the alleged company on Feb 2014 & there was a stock of Rs 11.43 cores present in the company. But on inspection on 31.05.14 there was merely Rs 12-15 lacs stock in the company. Hence, entire hypothecated stock had been sold off/siphoned off without the knowledge of complainant bank.Accused Pradeep Mittal is the authorized signatory of the bank account of the alleged company Bhumika Ispat. He had submitted last stock statement/list of debtors in the complainant Bank for the month Feb 2014, under his signature as authorized signatory. Further investigation of the case is in progress.

 
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