Banks & Police involved with corrupt & fraud Industrialist in Mumbai: Judiciary fears to adj

Mumbai: 8/11-While interviewing over phone with Mr. Indur K Chhugani former Chairman of Pinky Panorama Co-operative Housing Society Ltd.Mumbai, presently working as a social activist as well as Managing Trustee of %u201CPeople for Legal and Emotional Help to the Deserving" (PLEAD), it has come to notice of public that one fake and corrupt industrialist Mr. Rajkumar Basantani had availed loan to purchase the flat No.502 from Panorama Cooperative Housing Society Limited, but he did not pay the loan amount in time for which an auction notice was issued by Punjab National Bank, and the reserve price fixed for 501 502 was Rs 60 lakhs when tender was floated. Mr. Chhugani & his family have successfully bid for the said property, and the bank gave the possession accordingly in 2005. Mr. Chhugani took possession of the apartment from the bank and continues to live there. In the mean time the Ex- loaner Mr. Rajkumar Basantani, promoter of Sound craft Industries Ltd., is an Ex SBI employee, who got various Bank Managers, to give him Rs 1000 Crores and then he fled from India on 4th April 04.Surprisingly, he has so good relations with the police, that he continues to communicate with them, through his original cell no 98200 60781, If any bank manager is in some trouble, he intervenes and saves him. He is a white collared Dawood and forced the bank through police to cancel the tender and accordingly the officers of the bank did not hesitate to give false statement before police and denied having conducted the sale. The false statement of the Bank Officer caused the arrest of Mr. Indur Chhugani, and sent him to jail custody for certain days, though the truth is well known to the Police and Bank. Even the police did not hesitate to misbehave the wife of Mr. Chhugani by the instigation of the white collared Dawood Mr. Rajkumar Basantani, by some senior police officers and bank officers & one corrupt judge. The above activities of the bank officer, police are the violation of Criminal Acts under IPC Section 34, 38, 107, 120B, 166, 167, 175, 192, 193, 197, 198, 199, 200, 202, 409, 466, 467, 470, 471 and 474 by Officers of Punjab National Bank, with respect to flat 502, Pinky Panorama, at Khar, Mumbai, and Maharashtra.

Subsequently it was discovered that Officers of Punjab National Bank have forged 2 letters on the society letter head dated 9-9-1998, purportedly giving %u201CNo Objection to creating charge%u201D for flat 502, Pinky Panorama Co-op Housing Society Ltd., and stating that the area of the flat is 1700 sq. ft.. (Seventeen Hundred) to help Mr. Rajkumar Basantani. Though the area is not 1700 sq.ft, but either out of fear or to help Mr. Rajkumar or to suppress their illegal activities the bank did not hesitate to collect a false valuation report /certificate on the letter head of %u2018Anmol Sekhri & Associates%u2019 ( a private firm) showing the area of the flat 502, Pinky Panorama Co-operative Society is 1700 sq.ft. And the value of the flat is Rs 2.04 crores by fabricating false evidence. The actual area of the flat No 502 is 398 sq. ft. carpet (Three hundred and Ninety eight). Clearly the Bank officers were involved in fraudulently giving away huge loans, which were later found to be unrecoverable from Mr. Rajkumar Basantani.The Bank officers got the flat valued again in October 2004, and became aware of the fact that these are forged and fabricated documents in their record, however Mr. R Srinivasan of Punjab National Bank has used these documents after October 2004 in the case at the Court of the Special Judge under the MPID Act and also at Debt Recovery Tribunal. These forged and fabricated documents such as false valuation report and one forged society letter are in the possession of Mr. Mani Bhushan and Mr. R Srinivasan of Punjab National Bank and they are well aware that these are forged and fabricated documents created to give huge loans to a company M/s Sound craft Industries Ltd. Owned By Mr. Rajkumar Basantani and the documents are now in the hand of Mr. Mani Bhushan and Mr. R Srinivasan of Punjab National Bank, Asset Recovery Management Branch, 11th Floor, Dalamal House, Jamnalal Bajaj Marg, Nariman Point, Mumbai 400021.Sources say that total amount given fraudulently by 17 banks, to a single company of this fraudster Mr.Rajkumar Basantani is Rs 130 crores and it is presumed that the fraudster had at least 20 companies, out of which ,one company Sound craft Industries Ltd., most of the banks have given Crores without any collateral security. Sources say that before Mr. Rajkumar fled from India, he spent Rs 60 lakhs on renovation of the Mumbai Police Gymkhana at Marine Lines. Sr. police officials regularly visited him at his residence.

It is not known, whether the corruptions committed by the Officers of Punjab National Bank has come to the notice of Mr. Kamath, the chairman of PNB,Delhi or not. It is a matter of regret that in spite of inspection and accounts wing of the bank, how irregularities are committed causing problems and harassment to the public as well as loss to the Bank. Even the Banking Division under Ministry of Finance has been established to investigate and inspect the activities of all the nationalized and private banks, and government spend lot of money towards TA/DA every month for their officers from the rank of Deputy Secretary and onwards, and even the banks are spending a lot for their inspection and accounts, but still corruptions are going on. While talking with one of the officer of Banking Division, Ministry of Finance, it was intimated that what ever complaints they receive from public or any industrialist, they refer the application to the Chairman cum Managing Director of the concern Bank for verification. So it is clear that the Banking Division as well as Inspection wings the bank concerned fail to supervise the bank properly causing scope for corruptions by the officers of bank. To prevent and find out the fraudulent loan sanction to the fraudulent people, the loan account of all the individuals of banks along with their collateral security along with name of guarantee need to reflected in the web site of the bank for easy asses to the public as well as Inspection and Accounts Wing of the Banks. If precaution steps are not taken in advance by the Ministry of Finance, one the entire banks of India will be looted, and this responsibility will go to the Government for failure in administration.

SAMBHUNATH TAIDI

Freelance Journalist cum Advocate