Court remands one person to 5-day police custody

New Delhi, Apr 28 (UNI) A city court today remanded one person to five-day police custody in connection with failing to repay the loan amount on due date which he had taken from various banks.

Additional Chief Metropolitan Magistrate (ACMM) Kamini Lau, remanded Amit Chaturvedi to five-day police custody for further interrogation and intensive investigation.

Amit, was arrested by the Economic Offences Wing (EoW) branch of Delhi police yesterday.

Amit, the Director of Shamken Spinners Limited, hatched a criminal conspiaracy with other members in the company to procure loan from various banks on the pretext of importing machineries from Switzerland. He has submitted documents which were forged and fabricated and got a loan amount to the tune of Rs 30 crores from Bank of India, Syndicate Bank, China Trust and Development bank. The company undertook to repay the loan amount on the due date February 19, 2005. But the accused did not pay any amount.

During interrogation, Amit disclosed that, he along with other directors of the company allegedly decided to raise funds through multiple financing from banks.

The EoW sought remand to arrest the co-accused persons and to recover the documents, annual reports, balance sheet and the shareholding patterns of the company, an EoW senior official said.

Amit was arrested under sections 120-B (Criminal Conspiracy), 420 (Cheating), 467 (Forgery of Valuable Security), 468 (Forgery for the purpose of Cheating), 471 (Using Forged documents as Genuine) of the Indian Penal Code (IPC).

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