Has Rahul Kumar Jain made a Mockery of The High Court of Manipur?
Source: IT News

Imphal, October 10 2018: Out of the three directors of M.R.Roller flour Mill, one of the Directors, Mr.Rahul Kumar Jain aged about 34 years and is the son of Mr.Mahendra Kumar Jain and Mrs.Shobha Devi Jain is on the run from the state of Manipur since the past 8 months.

As per the sources he is currently residing in a huge expensive bungalow which extends up to 10,000 sq/ft area in Shyam Nagar which happens to be one of the most expensive and decorated colonies in the city of Jaipur, Rajasthan.

It has been known that the State Bank of Indi M.G.Avenue, Imphal, based on sanctioned order obtained from LHO Guwahati G.S.Road had sanctioned a loan amounting to Rs.8 Crore on the basis of stock available in the M.R.Roller Flour Mill.

As per SBI Mr.Rahul Kumar Jain, his father Mr.Mahendra Kumar Jain and his mother Mrs.Shobha Devi Jain are partners in the firm M.R.Roller Flour Mill, Imphal.

The loan was granted on the basis of stock available in the godown.

However, it has come to the knowledge of the bank that the stocks were secretively removed with intent to defraud the bank and misuse the banking facility.

On investigation earlier by the vigilance authorities of the bank, no decent amount of money was available with Mr.Mahendra Kumar Jain or his stated partners and hence the Bank filed an FIR for the failure in repayment of the loan.

The bank claimed in a statement that the hypothecated goods were missing from M.R.Roller Flour Mill as on the present date.

It is highly apprehended that Mr.Mahendra Kumar Jain and his partners in M.R.Roller Flour Mill had diverted/hidden/concealed/disposed off the aforesaid hypothecated goods in order to defraud the SBI, M.G.Avenue Imphal Branch.

Mr.Mahendra Kumar Jain and Mrs.Shobha Devi Jain who were arrested on 06.09.2018 and have been released on bail on 11.09.2018 .

Mr.Rahul Kumar Jain has deposited a total sum of Rs.3.90 Crore till 08.10.2018.Taking into consideration the big claims made by all the proprietors of M.R.Roller Flour Mills, it comes to a question that from where did they get the money or how are they promising the bank to repay the loan amount before 25.10.2018, when M.R.Roller Flour Mill has been non- functioning since the last 4-5 years.

The vigilance department of the bank on investigating found no traces of stock of raw materials in M.R.Roller Flour Mill against which Mr.Mahendra Kumar Jain and his stated partners have taken loan.

Big question rises as to how Mr.Rahul Kumar Jain filed an anticipatory bail in the event of arrest in connection with FIR No.113(09)2018, dated 06.09.2018, City P.S.under the Section 420/406/34IPC.He has also pleaded for an absolute bail in the High Court of Manipur in the event of arrest stating that the loan amount will be settled.

The case should be investigated and the accused should be questioned at length regarding the availability of money and promising of repayment of loan.

Should the general public consider this to be a case of Money Laundering? .

There are several conditions drawn by the High Court of Manipur under which Mr.Rahul Kumar Jain shall be granted bail:
1.Mr.Rahul Kumar Jain will have to execute a personal bond in the sum of Rs.1, 00, 00,000/-(Rupees One Crore Only) to the satisfaction of Jurisdictional Magistrate Court.

2.Mr.Rahul Kumar Jain will have to deposit a sum of Rs.25,00,000/- (Rupees Twenty-Five Lakh Only) in the name of the Registrar (Judicial) of the court of SBI, High court Branch, Manipur to be kept in recurring fixed deposit until further orders of the court.

3.Mr.Rahul Kumar Jain will have to furnish two securities for Rs.50, 00,000/-(Fifty Lakh Only) each before the Judicial Magistrate Court.

4.Mr.Rahul Kumar Jain shall have to appear before the Investigating Officer at 10:00am every Monday and Friday until further orders.

5.Mr.Rahul Kumar Jain shall have to report before the Bank Manager SBI,M.G.Avenue Branch at 11:00Am on every Tuesday and Thursday until further orders.

6.Mr.Rahul Kumar Jain will have to bind himself before the Magistrate Court and not leave the state of Manipur without prior permission of the court and will deposit his passport.

Not even one of the conditions has been seen to be fulfilled by the accused Mr.Rahul Kumar Jain.

On that note no actions have been taken by the concerned authorities on punishing the accused.

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