Suspended Bank MD Arrested

Suspended bank MD held for funds embezzlemen--Times of India 08.12.2013

LUCKNOW: The suspended managing director of the Uttar Pradesh Cooperative Land Development Bank was arrested on early Saturday from Vasant Vihar, Delhi. Nawal Kishore, accused of embezzling several crores during the 5-year long tenure at the bank that ended in 2012.

The crime branch sleuths, on Saturday, raided the place at around 4 am where Kishore had been staying in Delhi and brought him to Lucknow in a car.

The Special Investigation Bureau of state police filed a chargesheet against Kishore in July this year on the basis of which a warrant had been issued by the court.

Additional superintendent of police (crime branch), R K Singh said that his team had been watching Kishore's movements for past few days and nabbed him at his residence in the wee hours. He was later taken to Indiranagar police station from where the investigating official of the case produced Kishore before the court.

On January 11 this year, a case against him was lodged at Husainganj police station under IPC charges amounting to cheating by public servant among other serious charges. Bank's general manager Alok Dikshit had approached the police to complaint against Kishore about funds embezzlements. He was accused of causing a loss of about Rs 5 crore to the exchequer. Allegations he had been charged with include appointment of hundreds of people and claiming 
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Kale and kin's 100 bank accounts frozen
JAMSHEDPUR: Income tax sleuths found numbers of 100 bank accounts and a bank locker and seized 20 computer hard discs during raids on residences of BJP leader Amarpreet Singh Kale and his relatives. The bank accounts have been frozen.

The sleuths also got documents that confirm tax evasion and under-valuation of properties owned by them to the tune of Rs 100 crore.

"Preliminary investigation led us to believe that tax evasion was committed to the tune of Rs 100 crore," said a senior I-T official who was part of the investigation team, which comprised about 200 officials.

The raids, which started on Friday, were conducted at 25 places across Jamshedpur, Ranchi, Kolkata and Delhi.

The officer quoted above said a 7-acre land bought by Kale in the posh Circuit House area for Rs 70 lakh is much less than the government value of Rs 7 crore. "Current market value of the land is about Rs 50 crore," said the officer.

According to I-T sources, cost of the hotel in Sakchi and a warehouse in Dimna, both owned by Kale, are also under-valued. Officials also said documents pertaining to investment of nearly Rs 30 crore in a Gurgaon-based automobile equipment manufacturing company have been found.

"His brother Daljit Singh Khanuja is a director in the Gurgaon-based equipment manufacturing company," said the officer, adding that documents showing investment in Bangalore and Ludhiana ere also seized.

Sources said a case of disproportionate assets is a possibility against the BJP leader, who was a close aide of former chief minister Arjun Munda, and his relatives.

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