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Union Bank of India files FIR against RVM Steels India Pvt. Ltd. Directors Ridhima Beswal and Sameer Agrawal in Rs.34.28 Crore Fraud Case

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21st May, 2023:

In a major development, Union Bank of India has lodged an FIR against M/s. RVM Steels India Pvt. Ltd., Mrs. Ridhima Beswal, Mr. Sameer Agrawal, and several unidentified individuals for their alleged involvement in criminal conspiracy, cheating, and abuse of official position. The complaint, filed by Mr. Debraj Bag, Deputy General Manager of Union Bank of India’s SAMB Mumbai Branch, accuses the accused of causing a wrongful loss amounting to Rs.34.28 crores to the bank between 2013 and 2015. The Central Bureau of Investigation – CBI STB in Mumbai has received the complaint and initiated an investigation into the matter.

Additional details have emerged regarding the activities of RMW Steel India Pvt Ltd. The company was incorporated in 2004 by Mr. Jiwan Kumar and Mr. Gurinder Kumar with the objective of establishing a steel ingot manufacturing unit in Jaipur. In 2013, Mrs. Ridhima Beswal, the wife of Gaurav Kumar, and Mr. Sameer Agrawal assumed management control of the company by acquiring 100% shareholding. The new promoters had prior experience in the steel industry, with Mrs. Ridhima Beswal previously involved in business activities alongside her father, Mr. Arun Beswal, who was a promoter of M/s Pushpak Marktrade Pvt. Ltd.

To support its operations, the company applied to Union Bank of India’s Nariman Point Branch for a credit facility, including a Letter of Credit (LC) and Cash Credit (CC) limit. Following due processing, the bank sanctioned an LC limit of Rs. 15 crores and cash credit limits of Rs. 20 crores on November 1, 2013. Subsequently, an ad hoc limit of Rs. 5 crores was also sanctioned on September 15, 2014.

The account’s non-performing asset (NPA) status can be traced back to several factors. The branch allowed an excess of Rs. 2.60 crores in the account on April 2, 2014, which was later adjusted on April 11, 2014, with the approval of the authorities. Furthermore, an ad hoc limit of Rs. 5 crores, which was disbursed on October 4, 2014, and due for repayment on January 2, 2015, remained unpaid.

Despite the company’s proposal to set up a rolling mill and its request for an enhanced fund-based limit, the term sheet for the enhancement and term loan was declined on November 11, 2014. Renewal of the account was also pending since 2014 due to the non-submission of required information by the company. The CC limit had been overdue since October 22, 2014, and the ad hoc limit of Rs. 5 crores expired on January 2, 2015, without being adjusted. Additionally, all LCs issued to the company devolved, resulting in a loss of Rs. 15.04 crores in January 2015.

The borrower’s non-compliance with submitting regular operational information and failure to cooperate in branch inspections and renewal processes contributed to the account’s deteriorating status. Moreover, the company was found to be routing transactions through Bank of Baroda, despite holding an account with Union Bank of India. This diversion of funds raised concerns about the company’s intentions and its ability to fulfill its payment obligations.

Based on the irregularities uncovered in the account’s operation and the misuse of financial facilities availed from the bank, serious allegations have been made against the borrower company, its directors, and associates. These allegations include criminal misappropriation of public money through diversion and falsification of documents, a criminal conspiracy to cheat the public exchequer by siphoning funds, and committing fraud and criminal breach of trust through related-party transactions.

The FIR reflects the bank’s determination to address the alleged fraud and hold the responsible parties accountable. The investigation, led by Gulshan Rathi, Deputy Superintendent of Police (STB Mumbai), in collaboration with CBI STB investigators, will gather evidence and scrutinize financial records to build a strong case against the accused.

Union Bank of India has pledged its full cooperation in the investigation and is committed to uncovering the truth behind the alleged fraud. The bank emphasizes the importance of safeguarding public funds and preserving the integrity of the banking system.

As the case progresses, further updates regarding the investigation and any subsequent legal proceedings will be made available. The nation awaits the outcome of this investigation, hoping for justice to be served and stringent measures to be implemented to prevent such financial frauds in the future.

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Outrage in Badlapur: Public Protests Over Alleged Sexual Assault of Kindergarten Students

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A wave of public outrage has erupted in Badlapur, Thane, after the shocking revelation of an alleged sexual assault on two kindergarten students at a local school. The incident has sparked widespread protests, leading to the blockage of railway tracks and a strong response from the state government.

The Incident:

The horrifying incident came to light when two young girls, aged three and four, reported pain in their private parts after attending school. The parents of one of the victims, concerned by their daughter’s distress, questioned her and discovered that she had been sexually assaulted by a male attendant at the school. The accused, 23-year-old Akshay Shinde, was reportedly employed on a contractual basis as a cleaner. It was revealed that the assault occurred when the girls went to use the toilet, a space shockingly unmonitored by female staff, a glaring oversight by the school administration.

Public Outcry:

As news of the assault spread, parents and local citizens were overcome with anger and fear for the safety of their children. On Tuesday, they stormed the school, expressing their fury by vandalizing the premises. The protests quickly escalated, with demonstrators blocking railway tracks at Badlapur railway station, disrupting train services from as early as 8:30 am. The protest turned violent at points, with some agitators hurling stones, but the situation was eventually brought under control by the police.

Government Response:

Maharashtra Chief Minister Eknath Shinde has taken swift action in response to the incident. He has ordered the police to impose charges of attempted rape against the accused, alongside provisions under the Protection of Children from Sexual Offences (POCSO) Act. Recognizing the gravity of the situation, the Chief Minister announced that a special public prosecutor would be appointed to fast-track the case, ensuring that justice is served promptly.

School Management Under Scrutiny:

The school management has also come under intense scrutiny following the incident. The principal, a class teacher, and a female attendant have been suspended as investigations continue. The Chief Minister’s Office (CMO) has warned of strict legal action if the school’s management is found negligent or complicit in the crime. Additionally, the CMO has called for a thorough review of the implementation of Sakhi Savitri committees in schools, which are intended to protect and support students.

Conclusion:

The Badlapur incident has sent shockwaves through the community, igniting a conversation about the safety of children in educational institutions. As protests continue and investigations proceed, the public is demanding accountability and swift justice for the victims. The incident serves as a stark reminder of the importance of vigilance and proper oversight in schools to protect the most vulnerable members of society.

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A Fortress Betrayed: The Murder of a Young Doctor Shatters Trust

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 The brutal rape and murder of a 31-year-old post-graduate trainee doctor within the hallowed halls of RG Kar Medical College Hospital has sent shockwaves through the nation. The incident, a stark violation of trust and safety, has exposed deep-rooted systemic failures in protecting women, even in institutions dedicated to healing.

The victim, a beacon of hope and dedication, met a tragic end in a place meant to nurture life. Her lifeless body, bearing the horrific marks of violence, was discovered in a seminar hall, a sanctuary transformed into a chamber of horrors. The brutality of the crime has ignited a firestorm of outrage, with the medical community leading the charge in demanding justice. The protests that have erupted across West Bengal are a testament to the collective grief and anger over this heinous act.

The arrest of Sanjay Roy, a civic volunteer with access to the hospital, marks a significant step in the investigation. However, the case has raised critical questions about security protocols, the vetting process for hospital staff, and the overall environment in which healthcare professionals operate. The incident has underscored the urgent need for comprehensive measures to prevent such tragedies from recurring.

Beyond the immediate shock and outrage, the case has brought to the forefront the broader issue of women’s safety in public spaces. The hospital, a place traditionally perceived as a safe haven, has been exposed as vulnerable. This incident serves as a stark reminder that no institution, however revered, is immune to the pervasive threat of violence against women.

The medical fraternity, already overburdened with the challenges of healthcare delivery, is now grappling with the added trauma of insecurity. Doctors and nurses, who dedicate their lives to saving lives, are demanding a safe working environment. Their protests are a call for urgent action to address the systemic issues that allowed this tragedy to occur.

As the nation mourns the loss of a young life, the focus now shifts to ensuring justice for the victim and preventing similar crimes in the future. The case serves as a grim reminder that even the most sacred of spaces can become battlegrounds for those seeking to inflict harm. It is imperative that the authorities conduct a thorough investigation, bringing the perpetrators to justice and implementing stringent measures to prevent such heinous acts from recurring.

The murder of the young doctor is a tragedy of immense proportions, but it is also a wake-up call. It demands a comprehensive response that addresses not only the immediate concerns of safety but also the underlying issues of gender inequality and violence against women.

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Rickshaw Driver Crushed to Death by Speeding SUV at Versova Beach; Two Arrested

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In a tragic incident at Versova Beach, Mumbai, a 36-year-old rickshaw driver, Ganesh Yadav, was crushed to death by a speeding SUV in the early hours of August 12. Yadav, along with fellow rickshaw driver Bablu Srivastava, was sleeping on the beach pavement to escape the city’s humidity when the fatal accident occurred.

The Versova police swiftly arrested the two accused, Nikhil Jawale (34) and Shubam Dongre (33), and charged them with culpable homicide not amounting to murder. The suspects were produced before a local court in Andheri, where they were remanded to five days in police custody for further investigation. Authorities have also sent their blood samples for testing to determine if they were driving under the influence of alcohol at the time of the incident.

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