CBI files FIR in yet another loan fraud case worth 109 crores

26 February, 2018, 10:18 | Author: Kathy Ellis
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In its complaint to the CBI, OBC has said, "The dishonest and fraudulent acts of Simbhaoli Sugars Ltd in respect of loan of Rs 97.85 crore (declared as fraud) and Rs 109.08 crore (fresh outstanding) may kindly be investigated and necessary action be taken in accordance with the provisions of law against all the persons named, including their accomplice and abettors".

After submitting the case, CBI browsed eightpremises consisting of houses of Directors of Simbhaoli, its factory, business workplace and signed up workplace in Delhi, Hapur and Noida.

The case of loan fraud against comes at a time when the banking sector reels under pressure from Rs 11,400 crore fraud in Punjab National Bank (PNB), involving allegedly by Mumbai-based diamond jeweller Nirav Modi and his uncle Mehul Chowksi.

The case was registered on Thursday, but Oriental Bank of Commerce had filed the complaint on November 17 a year ago.

The bank's Hapur branch disbursed loans to 5,762 farmers between January and March 2012 totalling Rs 148.59 crore. 60 crore loan for the goal of financing around 5,762 sugarcane farmers.

In the latest FIR, CBI has alleged that Oriental Bank of Commerce sanctioned a loan amounting to Rs 148.59 crore to Simbhaoli Sugars in December 2011 after the company approached it with a proposal for financing sugarcane farmers under the tie-up arrangement with the company (with a maximum limit of Rs 3 lakh per farmer).

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The second loan was declared NPA on November 29, 2016, almost 20 days after scrapping of Rs 1,000 and old Rs 500 notes was announced, according to the CBI FIR.

The business loan, too, turned NPA on November 29, 2016, therefore leading to its very first exceptional loan of Rs 97.85 crore (as supposed scams) and the fresh business loan of Rs 109.08 crore (as fresh exceptional), stated CBI Spokesperson Abhishek Dayal.

The Central Bureau of Investigation (CBI) has registered Rs 97 crore loan default case against Simbhaoli Sugars Ltd, its CMD Gurmit Singh Mann, Deputy MD Gurupal Singh and others.

The account was declared NPA on March 31, 2015.

It was later discovered that the company had issued improper KYC certificates in the names of the farmers and instead transferred the funds in its current account to accounts held by the company in other banks.


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