Court directs CBI for further investigation by senior officer

By
Daily Excelsior
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Excelsior Correspondent
JAMMU, Oct 11: Special Judge Anticorruption CBI Case, B L Bhat has directed CBI for further investigation by a senior officer of the rank of ASP/DySP in the much publicized cheating with UCO bank to the tune of Rs 50 lakh by M/s Shiva Overseas.
According to the challan, Uttam Chand, partner of 85% share and Ashok Singh Manhas, holder of 15 % share in the M/s Shiva Overseas, cheated the bank to the tune of Rs 50 lakh in connivance with the unknown officials of UCO Bank Ashoka Market Raghunath Bazar Jammu in the year 2008.
After hearing both the sides and going through the challan minutely presented by the CBI, Special Judge Anticorruption observed, “on consideration of the material assembled during investigation, Court find that the investigation has gone haywire and derailed in regard to the substantial role played by bank officials in processing and sanctioning of the loan case of borrowers”.
“The Court refrain from expressing any opinion whether the bank officials, accorded the status of prosecution witnesses, have been let-off out of design or the same has been occasioned by lack of expertise in handling financial scams”, Special Judge Anticorruption said, adding “Court is of the considered opinion that in view of strong suspicion about complicity of bank officials concerned who processed the loan case of borrowers and the role attributed to the revenue officials in attesting and countersigning the allegedly forged fard intikhabs/dasti khakas, it would be appropriate to direct further investigation in terms of provisions of Section 173(8) CrPC so that complicity of investigating officer, if ultimately found out, does not pave way for insulating the delinquent officials liable for criminal misconduct”.
According, the Court kept the pre-charge enquiry on hold and directed further investigation to be conducted by a senior officer of the rank of ASP/ DySP. “Further investigation report should be be submitted by or before December 26, 2012”, the Court said.

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