Mumbai, May 13 (UNI) A special CBI court has rejected the discharge plea of a businessman, Premal Goragandhi, facing charges of defrauding the Indian Overseas Bank to the tune of Rs 297.56 crore, a lawyer said here on Tuesday.
While rejecting the plea, the court observed that a man may lie, but circumstances do not.
According to sources in the prosecution, CBI had registered the case in 2017 against M/s Parekh Aluminex Ltd (PAL) and others for obtaining credit facilities and not clearing the dues. Goragandhi is alleged to have played a pivotal role in this conspiracy by acting as a director in three shell companies, namely Suryakiran Ferro Alloys, Bhumika Foils and Bhagyoday Ferro Alloys.
The central investigation agency said these shell firms were used to generate fictitious sales and purchase transactions with PAL.
The prosecution had claimed that Goragandhi and his wife received monthly remuneration of Rs 20,000 per company to lend names as directors. It relied on bank records demonstrating fund circulation between PAL and the aforementioned shell companies, documents such as signed blank cheques, RTGS forms, and account-opening forms bearing Goragandhi’s signatures.
Goragandhi in his plea denied all the charges levelled against him and contended that he was neither a beneficiary nor played any role in the offence, noting that at this stage the court can’t conduct a roving inquiry into the evidence but can take at face value the ingredients of the alleged offences.
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