The complainant bank, IOB, further informed that on verification of swift messages, it was observed that five fraudulent swift messages were also sent earlier in February and March, 2015 as LOUs, but on due date or on demand from the Overseas Bank, the due amount equivalent to USD 6.345 Million was paid by debiting account of M/s. Heights International and amount equivalent to USD 9.879 Million was paid by debiting account of M/s. Vision Procon. Therefore, total amount of USD 16.224 Million (Rs.108.70 crores) was paid from the accounts of M/s. Heights International and M/s. Vision Procon. In view of the above, this amount was not due for payment, the amounts having been paid before due date. The investigation revealed that in a similar fashion Buyers Credit was sanctioned on the basis of illegally issued swift messages by accused Ashu Mehra since 2012. It was noticed that the payments in respect of all the Buyers Credit, except for those mentioned in Table No.1, were made back to the banks in time before due date. The investigation has revealed that Ashu Mehra by way of issuance of illegal swift messages, vide which Buyers Credit facilities were granted to the Indian importers and payments thereof, were made to M/s. Colour Wave (H K) Ltd., Hong Kong, had created a liability of Rs. 321 crores on the Indian Overseas Bank, Branch at Sector 7, Chandigarh. This amount of Rs. 321 crores are still outstanding on IOB.
