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Synopsis

A Delhi Court on Tuesday ordered the Economic Offences Wing (EOW), Delhi Police to file a status report with respect to the investigation carried out by it in the last 10 months into an alleged Public Sector Bank scam of Rs. 800 Crores.

Shivani Chauhan, Chief Metropolitan Magistrate, Saket District Court directed the Investigation Officer (IO) to also report as to what investigation has been conducted on the discrepancies highlighted by a Forensic Audit of M/s JKM Infra Projects Ltd for financial years 2014-2015 to 2016-2017. 

Court passed the order in an application filed under Section 156(3) CrPC by one Vaibhav Jalan seeking court-monitored investigation into the alleged scam. An FIR is already lodged with the Economic Offences Wing of Delhi Police against the accused namely Gaurav Jalan, director of JKM Infra Projects Limited.

The counsel for the complainant submitted that the accused person had created fictitious invoices & transferred the money from the accounts of company M/s JKM Infraprojects Limited to the account of Shell Companies.

He averred that the accused have alleged to have siphoned off an amount of more than Rs.800 crores that is alleged to have been borrowed from a consortium of Public Sector Banks including the State Bank of India.

The counsel further submitted that no effective investigation has been carried out by the IO in the present case and the complainant was not called for purpose of investigation in the last ten months.

He, therefore, requested before the court that the investigation is required to be monitored in the present case as a huge amount of public exchequer is at stake.

He apprised the court of the grave apprehension as well that the accused might flee the country to evade the process of law. 

Considering the submissions made and perusing the documents available on record, court issued directions to the EOW and IO and posted the matter for further hearing on November 24, 2022. 

Vaibhav Jalan, the complainant, was represented by Advocate Sandeep Kapur, Senior Partner, Karanjawala & Co with Advocates GG Kashyap & Gurmukh Choudhri.