CBI books Simbhaoli Sugars for Rs 110-Crore loss to OBC

Feb 26, 2018, 07:10
CBI books Simbhaoli Sugars for Rs 110-Crore loss to OBC

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.

More news: Connecticut Governor Says 'Sane Laws' Needed on Gun Control

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.

More news: Justin Theroux had 'reservations' about getting married to Jennifer Aniston, claims report

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.

More news: Hosmer agrees to eight-year deal with San Diego

Loading...
loading...
loading...
YOU MIGHT ALSO LIKE
  • Antonio Conte: 'Chelsea players have a top mentality'

    Antonio Conte: 'Chelsea players have a top mentality'

    He now has 11 goals and 7 assists in all competitions. "I think he was one of the key players in winning the title". Chelsea manager Antonio Conte has defended his players, saying that they have had a "top" mentality this season.

    Next Falcon 9 Launch Delayed Until Feb 21

    SpaceX had initially planned for the launch to take place last Saturday, before delaying it due to the need for more inspections. SpaceX is planning to use a giant net - one so vast that it takes up the majority of a high-speed watercraft named Mr.
    Pence Calls Out ABC News, Joy Behar for 'Religious Intolerance'

    Pence Calls Out ABC News, Joy Behar for 'Religious Intolerance'

    She warned her fellow contestants about Pence's "extreme" faith. "As a Christian, that's just par for the course", she said . Well, if hearing the voice God means that a Christian is mentally insane, then add my name to that list.
  • Heavy Snow Possible Saturday

    Heavy Snow Possible Saturday

    Saturday , the Minnesota Department of Transportation reported that roads in western Minnesota were completely covered with snow. Motorists should plan on slippery, snow-covered roads and hard travel conditions during the Advisory period.
    Super Mario Odyssey's free Luigi update is out now

    Super Mario Odyssey's free Luigi update is out now

    Finally, Coin and Neon filters have been added to Snapshot Mode, so you can see your screenshots through a totally different lens. Super Mario Odyssey is a platforming masterpiece and an essential title for all Nintendo Switch owners.
    This clock by Amazon's Jeff will run for 10000 years

    This clock by Amazon's Jeff will run for 10000 years

    The clock has been in the works for almost three decades, according to the post, and is created to tick once a year. They intend to build the animation for the 10 year anniversary chamber, but haven't decided what it will be yet.
  • Who is Alex Van Der Zwaan, Special Counsel Robert Mueller's New Defendant?

    Who is Alex Van Der Zwaan, Special Counsel Robert Mueller's New Defendant?

    The indictment also accuses Mr Van Der Zwaan of deleting or otherwise not producing emails sought by the Special Counsel's office. Manafort then hired the Podesta Group and Mercury Communications to lobby U.S. officials to support Yanukovych, using the report.
    Duchess of Cambridge doesn't wear black at the Baftas

    Duchess of Cambridge doesn't wear black at the Baftas

    Expecting her third child, Kate stood out in her olive green Jenny Packham gown, standing out from the crowd dressed in black. Royal family members are also encouraged not to wear black unless they are attending a funeral or Remembrance Day.
    FCC Chairman under investigation for relationship with Sinclair Broadcasting

    FCC Chairman under investigation for relationship with Sinclair Broadcasting

    By bureaucratic practice, the FCC Inspector General does not confirm or deny potential or ongoing investigations. The investigation concerns whether Pai improperly junked the rules to favor Sinclair, Rep.
  • Second Russian athlete fails doping test

    Second Russian athlete fails doping test

    Earlier Russian Alexander Krushelnitsky of the curling team tested positive for meldonium and was stripped off his bronze medal. Athletes who were clean had to prove they did not have a history of doping before being allowed to compete in the Winter Games.
    The Google Assistant is going global - The Keyword

    The Google Assistant is going global - The Keyword

    This feature will first be available for English, French, and German, with support for more arriving "over time". Google has announced several new updates to its voice assistant which will roll out throughout this year.
    Ethiopia begins six-month state of emergency

    Ethiopia begins six-month state of emergency

    Nearly 700 people have been killed in the violence since August 2016, the Ethiopian Human Rights Commission said past year . Over 6,000 political prisoners have been freed since January as the government struggled to placate discontent.
popular