PRESS CLIPPINGS
 
Three of a family charged with swindling UP Financial Corp    
A woman, her son and daughter-in-law of village Gitorni, under Mehrauli police station in Delhi, reportedly engaged in making films/TV serials etc, have been charged with cheating the UP Financial Corporation (UPFC). They got a loan of over Rs 2 crore sanctioned by offering the GK-II, New Delhi, property of acting Chief Justice of Allahabad High Court as collateral guarantee based on forged documents. A case of cheating and forgery was registered at the Sector 5) police station, SP (City) R. K. Chaturvedi said.     

Soon after the detection of the payment of Rs 75 lakh as loan recently to another unit on forged documents, the MD of UPFC, Mr Ashok Khurana, had issued orders holding the respective law officers responsible and asking them to check and verily the authenticity of documents with extra care. This reportedly led to the discovery of the forged documents presented by the trio, promoters of Antriksh Comnnmications Ltd.     

The company is earlier reported to have taken a short-term loan from the PICUI of about Rs 1.50 lakh, got its period extended and later defaulted in the payment of 80 per cent of the amount, reliable sources said. The PICUP was taking steps for the recovery from the collateral guarantor whose farm house had been mortgaged,     
sources said.     

Mr Rajesh Bajaj, his wife Mrs Sapna and bis mother Mrs Gulshan, the three promoters of ACL, named in the FIR, bad applied for loan from the UPFC here in September last year. In December a term loan of Rs  1.50 crore and Rs 67.74 lakh for leasing of super computers was sanctioned by the UPFC, after preliminary verification. But subsequently, the then Regional Manager was transferred. They had offered a property in Greater Kailash-II (S-551), owned by one Mr Ravi S. Dhawan, valued at over Rs 5 crore as collateral guarantee and a lease deed in the name of Mr Dhawan was also produced. The property of the unit, in Noida, D-88, Sector 7, was also offered besides the machinery, it was learnt.     

In fact, the General Manager of the Jamia Cooperative Bank is reported to have verified the photo and signatures of the man who claimed to be Mr Ravi S. Dhawan. Ax the Law Officer, dealing with this case was on leave, the new RM is reported to have assigned this to  Mr Avdesh Kumar Srivastava, for verification and execution of the legal documents. When the LO went to Greater Kailash-II be found that the property (S-511) indeed belonged to Mr Ravi S. Dhawan, who .was presently Acting Chief Justice of Allahabad High ourt. On verification from Justice Dhawan, the document of lease deed presented to the UPFC was found to be a forged document.     

On getting the sanction of the MD a case under Section 420,467, 468 and 471 of the IPC was registered at the Sector 20 police station.     

SP (City) R. K. Chaturvedi said, that the police were not aware that the trio had also taken a loan of Rs 1.50 crore from the PICUP as this fact had not been mentioned in the UPFC report. "We are examining the documents and arrests will be made soon", he added.     

There seems to be a gang operating behind the scenes in getting loans sanctioned from the State financial institutions like PICUP and UPFC on the basis of forged documents. Recently a case of "PICUP having been cheated to the tune of Rs 10 crore, in connivance with the staff was reported.     

The loan was reported to have been paid without the proper mortgage documents. 

WBIDC steps in to make agri-tech show a success     
WEST Bengal Industrial Development Corporation (WBIDC) has started wooing farmers in the state, in a bid to help make the agriculture technology show organised by the Bengal Chamber of Commerce & Industry a success. The show is scheduled to be held In June.     

With drought conditions prevailing in many parts of the state, a fair on agriculture might have floundered without support from all quarters.     

WBIDC is writing to the zila sabhadhipatis of all districts, in an effort to get a sizeable representation from the farmer community at the Krishitech'99 show.being held in Calcutta irom June l2-15.     

WBIDC executive.director ML Meena told The Financial Express "We are writing to the political leadership at the district level and coordinating between various government departments and Industry to ensure the show's success." 

WBIDC is also trying to interact with industry and farmer bodies of other states on this issue.     

Although-the plan to organise the show had been drawn up by BCCI a long time ago it was only recen.tly that the chamber sought the help' of WBIDC, when its vice president BD Bose wrote to the WBIDC managing director, sources said Realising the opportunity to promote agriculture technology, and equipment industry in the state. WBIDC took an interest in promoting the show.     

Though the state administration claims success on the agriculture front, it is also true that there has not been much development on the agri-technology front. There are no agricultural equipment manufacturers in the state. While the affluence and buying power among the rural community has increased not many industries has come into cash in on that.    

                          Back to Contents Page