The special CBI magistrate court has discharged Dharmesh Doshi, who allegedly owes Rs19.4 crore to the bank.
When it is struggling for survival due to lack of recovery from defaulters, Madhavpura Mercantile Cooperative Bank (MMCB), the crisis-stricken cooperative bank of the city, has suffered another major setback. The special CBI magistrate court has discharged Dharmesh Doshi, who allegedly owes Rs19.4 crore to the bank.
The court discharged Doshi in the last week of July. Doshi is allegedly one of the close aides of Ketan Parekh, a share broker, in the MMCB fraud case. The court discharged Doshi due to lack of evidence to prove his involvement in the fraud and records establishing his connections with Parekh.
It could be considered as a major setback for the bank as it grapples with serious problems due to poor recovery from defaulters. Now MMCB and the Central Bureau of Investigation (CBI), the investigation agency in the case, are likely to challenge the order in the CBI sessions court.
In the case filed against Parekh, the then managing director of MMCB Ramesh Parikh and CEO of the bank, Devendra Pandya and others, CBI had alleged that Doshi was a close aide of the share broker and was also part of the entire fraud.
CBI has alleged that Doshi, a director of Triumph International Finance Limited (TIFL), had taken Rs5 crore loan from the bank in 1998. He was also given credit overdraft facility by which the amount went up to Rs19.40 crore from Rs5 crores. The investigation agency alleges that Ketan Parekh was also one of the directors of the company and money was transferred into his account. However, the money was allegedly soon returned by reverse entry only with the intention of confusing and misguiding the bank. CBI says that Doshi was equally involved in the conspiracy.
However, the court observed that Doshi's name did not appear in the original complaints filed against Parekh and others. CBI filed charges against him after investigation and added his name as one of the accused but Doshi was not arrested.
The court, while discharging Doshi, observed that there is nothing on record to show that he had any connection with Parekh and his alleged involvement in the scam.
Now, the bank and the CBI will appeal against the judgment in the special CBI sessions court. "We have completed preparation from our side and are in close touch with CBI. We are likely to go into appeal against the order of special CBI magistrate court," said Ajitsinh Jadeja, a lawyer of MMCB.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}