Patna: Special CBI judge Ajay Kumar Srivastava on Wednesday rejected the regular bail petition of former managing director of Bhagalpur Central Co-Operative Bank Limited (BCCBL) Pankaj Kumar Jha in connection with the Srijan scam worth Rs 1,300 crore.
Jha was arrested on August 20, 2017.
The CBI had lodged an FIR against Jha and others on August 25, 2017, and filed a chargesheet on November 11, 2017. The CBI filed the chargesheet under sections 120B, 409, 420, 467, 468 and 471 of the Indian Penal Code and 13(2) of Prevention of Corruption Act.
The scam involves fraudulent withdrawal of Rs 1,300 crore from the accounts of the Bhagalpur district administration to Srijan Mahila Vikas Sahyog Samiti Limited, an NGO based in Sabour.
The investigation carried out by the CBI, which took over the case from Kotwali police station, Bhagalpur, said Jha had entered into a criminal conspiracy to cheat and misappropriate the funds of BCCBL.
Investigation has revealed that in pursuance of the criminal conspiracy, Jha brought a letter dated September 12, 2012, purportedly issued by the chief manager, Indian Bank, Bhagalpur, to BCCBL, offering an interest of 10 percent on fixed deposit for one year on the record of BCCBL.
Further investigation revealed that the letter was fake and forged and was not issued from the Indian Bank Bhagalpur branch. Jha had put his initials fraudulently on the letter showing as if it was received from Indian Bank, Bhagalpur branch.
Investigations also revealed that Jha gave the letter to Ved Prakash Upadhyay, assistant, BCCBL, and as per the directions of Jha, Upadhyay initiated a note on November 28, 2012, proposing to invest the surplus funds of BCCBL in Indian Bank, Bhagalpur, referring to the letter of Indian Bank, Bhagalpur, dated September 12, 2012.
In furtherance of the said criminal conspiracy, Upadhyay recommended that investment could be made in sweep account at the interest rate of 10 percent, as other banks were giving interest of 9.25 percent only. As part of criminal conspiracy, Jha approved the proposal for investing the funds of the BCCBL.
