It looks that the Indian authorities and courts are finally realising the gravity of economic crimes, including those that cheat banks and are meting out harsh and appropriate punishment for them.The Times of India reports that a CBI court has given life imprisonment to a father-son duo, for having cheated Bank of India for over Rs.2.50 crores, by taking a loan against security of a plot of land, that never did exist. Also sent to jail are the chartered accountant,who prepared bogus financial statements to avail of the loan, the advocate who gave a clear title certificate for this non existent plot of land, as also the bank’s officer who was aware of this fraud, but yet sanctioned the loan. The CBI judge aptly remarked that such economic offences are detrimental to the country. The modus operandi was simple - a fraudulent
borrower, a willing banker and a bogus security and financial statements willingly created by the CA and the lawyer, obviously for a fees. We would further expect the ICAI to dismiss this CA from his membership of the Institute and the Bar Council of India to take a similar action against the delinquent advocate.
#AkhileshBhargava #CBI #ILFS
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