CBI books Simbhaoli Sugars for Rs 110-Crore loss to OBC
Feb 26, 2018, 07:10
The case was registered almost after six months after OBC filed a complaint with the central agency.
The CBI has registered a case against a Delhi-based diamond jewellery exporter for an alleged bank loan fraud to the tune of R389.85 crore towards Oriental Bank of Commerce. In its defence, the CBI on Saturday told TOI that the directors of Dwarka Das Seth International had fled the country as early as 2014.
The CBI acted only after the Punjab National Bank fraud was unearthed.
One case filed by PNB involves an official opening fictitious accounts and diverting funds fraudulently to fake bank accounts, as well as perpetrating fraud under the government's Mudra scheme.
Amongst those called by CBI in its FIR consist of Simbhaoli Sugar's Chairman and Managing Director Gurmit Singh Mann, Deputy Managing Director Gurpal Singh and 8 others consisting of CFO, executive and non-executive directors of the business apart from unidentified authorities of the general public sector bank.
The bank's Hapur branch paid out loans to 5,762 farmers in between January and March 2012 amounting to Rs 148.59 crore.
The CBI alleged that the Karol Bagh-based jewellery exporter and other directors of two firms were allegedly cheating Oriental Bank of Commerce in connivance with bank officials and some shady financial institutions.
Similarly, Bank of Maharashtra approached CBI to lodge a loan default complaint against Delhi businessman Amit Singla. The accused had availed of credit facilities between 2007 and 2012. One of the properties, a double-storied house owned by Roshan Lal in Rohtak, Haryana, was valued at Rs 4.85 crore while sanctioning the loan.
In 2015, the bank declared 978.5 million rupees of the loan as having turned sour and reported the alleged fraud to the Reserve Bank of India. In all, Chundawat siphoned off Rs 1.57 crore.
In a bid to recover the dues, the bank had also approached the buyers, including Devi Jewells, Mannat FZE and PlatDiam International, but without any success. Tech Mach was later removed from the panel of valuers by the bank.
According to a report, the Uttar Pradesh-based sugar distillery had recently reported a net loss of Rs 74.98 crore in the last quarter of 2017, which was followed by a loss of Rs 19.09 crore in the quarter that ended in December 2016.
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