Order 17

Order Details: COPY OF ORDER
Pdf Text: CBI Vs.Ashwani Kumar And Ors
RC : ACB/CBI/New Delhi
CNR No.DLCT11-001121-2024
CBI Case No.135/2024
08.09.2025
ORDER ON THE POINT OF COGNIZANCE.
1. By this order, this Court shall pass order on the point of taking
cognizance against accused Ashwani Kumar (A-1), Varinder Kumar Duggal
(A-2), Rajni Gupta (A-3), Rajeev Paul Singh Verma (A-4), Sanjeev Pual Singh
Verma (A-5), Poonam Verma (A-6) and M/s Lal Sons Jewellers Ltd.
(hereinafter referred to as ‘Company’ against whom the Central Bureau of
Investigation (hereinafter referred to as ‘CBI’) has filed charge-sheet, on
19.11.2024.
2. The brief facts of the case are that on a written complaint dated
07.08.2019, of Sh Rajiv Kumar Deputy General Manager, Oriental Bank of
Commerce (hereinafter referred to as ‘OBC/Bank’), of Shri Rajiv Kumar,
Large Corporate Branch, Harsh Bhawan, New Delhi, against M/S Lalsons
Jewellers Ltd ( hereinafter called the company) and others, the present case
was registered.
3. The allegations in the FIR are that the company had obtained various
credit facilities amounting to Rs.181.94 Crore from OBC under sole Banking
arrangement. The company has defaulted in payment of interest and for non
payment of over due amount, the account of the company became NPA on
31.12.2015.
4. Subsequently forensic audit of the company was got done by GSA &
Associates for the period April 2012 to March 2015 and by M/s Yardi Prabhu
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& Associates LLP for the period from 01.04.2013 to 31.03.2018. The audit
revealed that the company was following wrong/fraudulent practices in
Business and Banking transactions leading to Bank Account becoming as
NPA. The Bank Account of the company was reported to RBI on
02.03.2019 and fraud amount was Rs.153.85 crores.
5. After registration of FIR, during investigation it was revealed that the
company had been dealing with OBC since long back. Initially, company had
been dealing with Global Trust Bank till 2004 and after merger of Global Trust
Bank with OBC, the said account was transferred to Oriental Bank of
Commerce. The company was availing various credit facilities, both fund
based and non-fund based from the Bank for the purpose of working capital
gap requirement and for the purpose of procurement of raw material i.e. gold.
It is revealed that the credit facilities being availed by Company were
enhanced from time to time as per its requirement on the basis of request of
Company.
6. The allegations in the charges sheet are that the credit facilities were
sanctioned to the company primarily to use the same to purchase raw
gold/stone/diamonds and other materials required for processing and creation
of finished jewellery. The company used to purchase raw materials mainly
from The Bank of Nova Scotia and MMTC. And after processing the raw
materials and converting it into jem and jewellery used to supply the same in
domestic market as well as export to its associates/ sister concerned M/S Passi
Jewellers LCC in Dubai. The investigation revealed that company was
availing gold metal loans against standby letter of credit (SBLC) issued from
OBC in favour of Nova Scotia Bank.
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7. The company exported the material to its sister concerned M/S Passi
Jewellers LCC, Dubai and export bills were discounted against the foreign
documentary bill purchased ( FDBP) facility being availed by the company
from the bank. Due to non payments of 44 of the export bills, the bank
crystallized the export bills to the Cash Credit account of the company. The
SBLC issued in favor of Nova Scotia bank were also devolved. The indenter
of all these crystallized export bills ( 44 bills ), except one, are of M/S Passi
Jewellers LCC, Dubai. The allegations are that the using period of export bills
was 180 days which was extended by another 45 days at branch level.
8. There are allegations in the charge sheet that 43 bills were
discounted/purchased without any confirm order or against LC which is
against the terms and condition of sanction/enhancement of the limits. The
investigation revealed that the bill of exchange is an important document
where the supplier is the company in this case authorizes the buyers M/s Passi
Jewellers in this case to make the payment against bills on the order of the
Bank ie OBC within the period of 180 days. As such, if the bill of exchange is
accepted by the buyer, it becomes binding upon him to make payment directly
to the bank within stipulated period. As the bill of exchange were not
countersigned/accepted by the buyer, logically it has no obligation to make
payment directly to the bank.
9. It is alleged in the charge sheet that the company had availed gold
metal loan facility from Nova Scotia to purchase gold for both domestic and
export purpose against which it kept fixed deposit as collateral security. The
collateral securities were being used by debiting the margin account opened at
Nova Scotia. On maturity, the proceeds were credited to the margin account
and fresh FDs are created and so on. It reveals that till February, 2015 all the
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remittances were in the marginal account from the cash credit account of the
company at OBC. After February 2015, when the export bills became overdue
and no further bills were discounted by OBC, the company started parallel
operation in another account at Punjab National Bank without permission of
the OBC, and thereafter remittances to the margin account were made from
this account. So there are allegations of diversion of funds by the company. It
is also alleged that the parallel account was opened by the company in the
PNB and a substantial amount in this account is credited as sales proceeds of
the company received from its debtors including M/S Poonamdeep Bullion,
M/S Ultimate creation and M/S Yellow and White Metals etc. Prior to
February, 2015 sales proceeds from these firms were credited to CC account of
the company at OBC.
10. The allegations in the charge sheet are that at the time of
restructuring account of company it was in the knowledge of concerned bank
officers that the company had already diverted funds to the tune of Rs.48
crores approximately through parallel account in PNB. But despite that fact
bank officers did not take any action to close the account before restructuring.
Even after restructuring the company continued to operate the said account at
PNB. The allegations are also there that once the OBC refused discounting of
further bills the company opened a new account at Axis Bank without
permission of the bank. The company has diverted sales proceeds in that
account also.
11. There are allegations in the charge sheet are also that transaction
were allowed in the cash credit account by the bank officers even when the
account was overdrawn. The allegations in the charge sheet are that while
compiling the process note for restructuring and recommending the same the
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bank officers failed to confirm the status of the fulfillment of the pre/post
disbursement which included following crucial condition such as obtaining CR
report of M/s Passi Jewellers from third party like Dun & Breskett. As well
closure of Bank accounts with other bank. The allegations are also there that
while restructuring and recommending the same to Regional office, the bank
officers failed to obtained the bank statement of PNB as a part of financial due
diligence about the borrower.
12. It is alleged in the charge sheet that the account of the Company was
under stress due to the non-realization of the export receivables and main
reason of the loss to the bank is diversion of the sales proceeds in PNB account
worth 48 crore till the time of restructuring and over exposure to Passi
Jewellers without taking in any third party report likes of Dun & Bradstreet.
13. It is alleged in the charge sheet that there are many irregularities being
done by the concerned bank while dealing with the bank account of the
Company and that was due to criminal conspiracy between the company and
the bank officials.
14. There are allegations that during the relevant time when export bills
were discounted, Mrs. Rajni Gupta, was posted as FOREX head and Shri
Ashwani Kumar, was posted as DGM and as Head of the Branch, Large
Corporate, Connaught Place, New Delhi. She (Mrs. Rajni Gupta), abused her
official position which caused wrongful loss to the Bank and corresponding
wrongful gain to the borrower.
15. The allegations are that Rajni Gupta, recommended for discounting
of bills and Shri Ashwani Kumar approved the recommendation of branch and
discounted the bills in violation of terms and conditions sanctioned. It is
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alleged that out of 43 export bills 30 export bills were approved by Ashwani
Kumar, 07 bills by Mrs. Rajni Gupta and 06 by dealing Officer.
16. It is alleged in the charge sheet that the loss to the Bank could have
been saved, if the TCM report dated 31.10.2013 on M/s Passi Jewellers LLC
Dubai would had been considered by V.K. Duggal, the then AGM/Branch
head, at the time of convertibility of Non-Fund Based facilities to Fund-Based
of Rs. 48 Crore to FDBP/FUDBP. At the time of enhancement of credit
facilities to the Company and at the time of purchasing/discounting of export
bills of the company by Mrs. Rajni Gupta and Shri Ashwani Kumar. It causes
wrongful loss to the Bank and wrongful gain to borrower accused.
17. During investigation, permission U/s 17-A of PC Act 1988 was
sought to investigate the role of Bank officers namely Shri Ashwani Kumar,
Shri Variender Kumar Duggal, Smt. Rajni Gupta. However the concerned
Bank had granted permission U/s 17-A of PC Act 1988 only against Smt.
Rajni Gupta, Sh. Varinder Kumar Duggal and denied permission U/S 17-A of
P.C Act 1988 against Ashwani Kumar.
18. During investigation sanction for prosecution U/s 19 of PC Act 1988
against accused Varinder Kumar Duggal, Ex. Assistant General Manager
(OBC) and Smt. Rajni Gupta, Chief Manger, Punjab National Bank have been
accorded by the competent authority .
19. I have perused the record and gone through the statement of the
witnesses recorded u/s 161 Cr.P.C. and the documents annexed with the charge
sheet and also heard the Ld. PP for the CBI.
20. Considered. There are sufficient material and ground available on the
record for proceeding against the accused persons for the offences charge with.
So, I take the cognizance of the offences U/s 120-B r/w 409 & 420 of IPC &
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Section 13(2) r/w 13(1)(d) of the PC Act, 1988 against accused Varinder
Kumar Duggal, Rajni Gupta and Rajeev Paul Singh Verma, Sanjeev Paul
Singh Verma, Smt. Poonam Verma, Directors of M/s Lal Sons Jewellers Ltd.
through authorized representative and against the company. And also for an
offence U/s 120-B r/w 420 IPC and substantive offences thereof against Sh.
Ashwani Kumar. Substantive offences U/s 13(2) r/w 13(1)(d) of PC Act, 1988
on the part of Rajni Gupta and V.K. Duggal . Substantive offences U/s 409 &
420 IPC on the part of Sanjeev Paul Singh Verma, Rajeev Paul Singh Verma
& Poonam Verma. Substantive offences U/s 420 IPC on the part of M/s Lal
Sons Jewellers Ltd ( The company) through authorized representatives.
Let the accused be summoned for 29.10.2025.
(Jagdish Kumar)
Special Judge (PC Act) (CBI)-16
Rouse Avenue District Courts
New Delhi
08.09.2025
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