Jaipur. Enforcement Directorate (ED) and Rajasthan Police have sought lookout notice against Alok Dhir, Managing Partner of Dhir Associates who is allegedly involved in loan scams of several banks including State Bank of India (SBI), Axis Bank, and Central Bank of India. The move is seen as preventing him from leaving the country.
According to sources, even though Dhir has managed an anticipatory bail from Delhi High Court, but he was not responding to notices for questioning to Rajasthan Police and evaded arrest since October 23. Along with Dhir and his family, Rajasthan Police has also issued notices to a General Manager and a Vice President of the Central Bank of India along with some senior officials of Axis Bank.
Jaisalmer SP Ajay Singh said that the Chief Judicial Magistrate’s (CJM) Court had issued an arrest warrant against Alok Dhir with seven others under several IPS Sections including 420 (cheating) and 120B (punishment of criminal conspiracy). Realising the magnitude of the scams, the Rajasthan Police had informed Enforcement Directorate immediately after it got an arrest warrant against him from Jaisalmer Court on October 23.
According to sources, along with Jaisalmer (Rajasthan) Police, national enforcement agencies have also initiated a preliminary investigation on Dhir’s role as middleman in several cases to assess the damage to the banking sector done by him in connivance with bankers and borrowers.
During preliminary investigations, sources said, Jaisalmer police have detected his involvement in several loans and recovery process not only with the SBI but also with Axis Bank and Central Bank of India. Based on the initial investigations, Rajasthan police (Economic Offence Wing) has intensified its further investigations.
In the SBI case, the CJM Court of Jaisalmer, after a long hearing, agreed that selling the hotel without getting it auctioned amounted to cheating. The Court on October 23 issued arrest warrants against eight people, including Alok Dhir and Former SBI Chairman Pratip Chaudhari, following which the Jaisalmer police arrested the former Chairman.
The Delhi High Court on Wednesday ( November 3) granted transit anticipatory bail to Dhir. But the Court has made it clear that it has not made any observations on the merits of the case. Hence, investigation agencies further intensified their probe.
In the law and corporate circles, it is well known that Dhir has heavily capitalized and monetized his extensive experience of more than thirty-five years in corporate commercial and civil law with a special focus on Corporate and Financial Restructuring, Insolvency Laws, M&A, Takeovers, Banking Law and issues related to Asset Reconstruction & Securitization. He is a promoter of Alchemist Asset Reconstruction Company and IRR Insolvency Professionals Pvt. Ltd.
