Mumbai May 13 (UNI) A special CBI court has rejected the discharge plea of a businessman, Premal Goragandhi,facing charges of defrauding the Indian Overseas Bank to the tune of Rs 297.56 crore a lawyer said here on Tuesday.

While rejecting the plea, the court observed that a man may lie, but circumstances do not.

According to the prosecution case, the CBI had registered the case in 2017 against M/s Parekh Aluminex Ltd (PAL) and others for obtaining credit facilities and not clearing the dues.

Goragandhi is alleged to have played a pivotal role in this conspiracy by acting as a director in three shell companies, namely Suryakiran Ferro Alloys, Bhumika Foils, and Bhagyoday Ferro Alloys.

The CBI said these shell firms were used to generate fictitious sales and purchase transactions with PAL.

Goragandhi in his plea denied all charges leveled against him and contended that he was neither a beneficiary nor played any role in the offence.

Noting that at this stage the court can’t conduct a roving inquiry into the evidence, but can take at face value the ingredients of the alleged offences.

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