CBI reward for information on economic offenders

By Our Special Correspondent

NEW DELHI, AUG. 23. On the trail of two major economic offenders, the Central Bureau of Investigation (CBI) has announced a reward of Rs. 50,000 each for information leading to the arrest of Ram Lal M. Patel, alias Raman Bhai Mohan Bhai Patel, and P. Mohan, alias Dharmarajan, for causing a cumulative loss of Rs. 6 crores to two banks.

The CBI investigation revealed that the accused Raman Lal M. Patel, managing partner of K.B. Overseas, Chennai, in collusion with bank officials, availed various credit facilities without adhering to the banking procedures. He produced inflated collateral securities and fabricated documents. He caused wrongful loss to the Indian Overseas Bank, International Business Branch, Chennai, to the tune of Rs 4.90 crores and a corresponding wrongful gain to himself.

In another case, P. Mohan, Managing Director of Bridgeway Jewellery Pvt. Ltd., Coimbatore, defrauded the Canara Bank, Overseas Branch, Tirupur, of Rs.78.66 lakhs and Rs.26.88 lakhs in two instances. Investigations revealed that in the first instance, the accused availed Foreign Bills Discount (FBD) Limit and induced the bank to purchase four sets of Airway Bills showing first Golf Bank / Standard Chartered Bank, Dubai (UAE) as the consignee bank.

Thereafter, he sent another set of the same invoice, which was fabricated, to the buyer at UAE directly and facilitated the buyer to take delivery of goods. The invoices sent through the bank were returned as the buyer failed to pay to the bank. The loss to the Canara Bank Overseas Branch, Tirupur, was to the tune of Rs.78.66 lakhs.

In other instance, the accused cheated the same bank to the tune of Rs.26.86 lakhs by dishonestly inducing it to discount the Airway Bill showing purported export of New Indian Made Jewellery along with export documents. The consignment, when it was opened at the Sharjah Airport by the Customs Authorities, was found to be containing some worthless material.

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Section  : National
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