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New Delhi: A Delhi court on Monday sent Jag Mohan Garg, chairman and managing director of Tirupati Infraprojects Pvt Ltd sent to two weeks’ judicial custody in a Rs 289.15 crore bank fraud case. Special Judge Sunena Sharma sent the accused to jail till July 31 on the application CBI His judicial custody is being demanded.
The agency produced Garg before the court on the expiry of the seven-day custody granted earlier by the court.
The CBI filed an application seeking judicial custody of the accused on the ground that he may tamper with evidence and influence witnesses related to the case, and if released, may abscond and violate the law. Can avoid due process.
It further claimed that the accused was involved in a fraud of Rs 289.12 crore, which was a “huge amount”, and added that the allegations leveled against him were of a “serious” nature, and investigation was underway.
“Considering the above facts and circumstances, accused Jag Mohan Garg is remanded to judicial custody in this matter. Let the accused be produced before this court on July 31, 2023,” the judge said.
The CBI had on May 25, 2022 registered an FIR against Tirupati Infraprojects for allegedly causing a loss of Rs 289.15 crore to a consortium of banks. Bank of IndiaThe Union Bank of IndiaThe Canara BankThe Bank of Baroda And UCO Bank illegally misappropriated the loan amount.
The CBI said that a Bank of India-led consortium had given a term loan of Rs 300 crore to the company between 2009 and 2014 for the construction of a hotel with commercial spaces in Paschim Vihar, New Delhi.
It was further alleged that the accused sold several commercial/retail/office spaces of the said hotel-cum-commercial building to various parties without informing the lending banks and the money received from these buyers was diverted to other places.
After the FIR was registered, the federal agency conducted searches at the premises of the accused on May 27 last year, from which several incriminating documents were recovered.
