The Allahabad High Court has granted conditional bail to Sachin Dutta, Director of Balaji High Tech Constructions Pvt Ltd, accused in the multi-crore bank loan scam.
A Single-Judge Bench of Justice Rajiv Gupta passed this order, while hearing a Criminal Miscellaneous Bail Application filed by Sachin Dutta.
As per the FIR, it was alleged that Balaji Hi-Tech Constructions Pvt Ltd constructed multi-storey residential flats under the name of Balaji Foster Heights in Ghaziabad. The said project was approved by Punjab National Bank, Ghaziabad for sanction of house loans.
It is alleged that the applicant, who was Director of Balaji Hi-Tech Constructions Pvt Ltd, in conspiracy and connivance with the accused allottees / borrowers, cheated the said bank fraudulently by taking house loan in the name of allottees/borrowers on the basis of forged and fictitious documents and as such caused loss to the complainant Bank.
It is further alleged that the applicant has in fact swindled a huge amount of money in conspiracy of other accused, who is alleged to have issued multiple allotment letters for a single flat to different individuals for enabling them to secure housing loans in the name of such allottees.
It is further alleged that the Bank officials agreed in principle to extend finance facilities to individuals, who wanted to purchase flats in the said project after evaluation of their financial and other credentials.
Counsel for the applicant submitted that as many as 32 FIRs have…
