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THREE YEARS RI TO THEN MD AND DIRECTOR OF A FIRM FOR CAUSING HUGE LOSS TO GOVT EXCHEQUOR

October 11, 2017 07:56 AM

 Indore (Madhya Pradesh) (Face2News)

The Special Magistrate, CBI Cases, Indore (Madhya Pradesh) has convicted Sh. B.S. Verma then MD and Smt. Bloosom Singh, then Director both of M/s Him Texas Industries Ltd., Bhopal to undergo three years Rigorous Imprisonment with fine of Rs. 3000/- each.

CBI had registered a case U/s 120-B, 419, 467, 468 and 471 of IPC on 11.03.2005 against Sh. Brajendra Singh Verma, MD, Him Texas Industries Ltd., Bhopal; a Panel Advocate; then Branch Manager, State Bank of Indore, Bhopal and other unknown persons.

It was alleged that during the year 2003-2004, Sh. B.S. Verma, MD, Him Texas Industries Ltd., Bhopal entered into criminal conspiracy with Panel Advocate and the then Branch Manager, State Bank of Indore and fraudulently obtained credit facilities amounting to Rs. 3,63,42,000/- on the basis of fake & bogus collateral securities from State Bank of Indore, MP Nagar Branch, Bhopal and thereby caused loss to the Bank.

After completion of investigation, Charge sheet was filed against accused persons U/s 120-B r/w 419, 420, 467, 468 & 471 of IPC on 31.07.2007 before the Special Judicial Magistrate, Indore. Two persons expired during trial and a Panel Advocate was discharged by the Court.

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