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EXPRESS NEWS SERVICE
SHIMLA, Aug 6: Enforcement Department has registered a case against an industrialist of Barotiwala in Solan district for allegedly defrauding HP State Financial Corporation to the tune of Rs 27 lakh.
SHIMLA, Aug 6: Enforcement Department has registered a case against an industrialist of Barotiwala in Solan district for allegedly defrauding HP State Financial Corporation to the tune of Rs 27 lakh.
Ravindra Mohan, who hails from Chandigarh, wanted to set up a spinning unit in Barotiwala and got a loan of Rs 27 lakh sanctioned from the Financial Corporation for the purchase of machinery from a firm in Ludhiana. The Financial Corporation in 1995 released four separate drafts of Rs 9 lakh, Rs 6 lakh, Rs 3.5 lakh and Rs 9 lakh in the name of the firm.
According to the spokesman of Enforcement Directorate, Mohan himself collected the drafts and out of four gave one draft to the firm and rest three drafts were encashed by him by allegedly opening a false account in the name of the firm. Subsequently, he withdrew the amount in four different instalments in November, 1995.
On a complaint received by the Directorate, the enforcement staff probed the matter and detected the fraud. Neither any machinery was purchased nor there was any infrastructure of the unit at Barotiwala.
The spokesman said the enforcement staff was also investigating whether any of the staff of the Financial Corporation was also involved in this case.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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