CBI books Rs109cr loan default against Simbhaoli Sugars, stock down 20%

CBI books Rs109cr loan default against Simbhaoli Sugars, stock down 20%

CBI books Rs109cr loan default against Simbhaoli Sugars, stock down 20%

Apart from the complaint filed against the group firms of Nirav Modi and Mehul Choksi for the Rs 11,400 crore fraud at PNB and the complaint against Rotomac Global, complaints have been filed by banks against companies including Kalimata Krishipanya Bipanan Pvt.

The lender, Oriental Bank of Commerce, complained to the CBI on November 17, 2017, but the agency registered a case of criminal conspiracy and cheating under the Prevention of Corruption Act on February 22.

In the aftermath of the Punjab National Bank scam, banks have now become more pro-active in sending complaints to the CBI.

In the wake of another bank fraud by a Delhi-based diamond jeweller, Congress chief Rahul Gandhi on Saturday hit out at the Narendra Modi-led government alleging that the scammer "disappeared" while the government looked the other way. The bank's complaint has been made part of the CBI FIR. However, months before the account was declared an NPA, the same bank financed another loan of Rs 110 crore to the sugar company under multiple banking arrangements to pay back the earlier loan.

The police has registered a case against several top officials of Simbhaoli Sugar, including its chairman and managing director, chief executive and chief financial officer, some unknown bank officials, and other private persons.

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"The corporate loan, too, turned NPA on November 29, 2016", Dayal said.

The various credit facilities company had availed from OBC between 2007 and 2012 swelled to Rs 389 crore during the period.

The CBI on Sunday registered Rs 97 crore loan default case against Uttar Pradesh based Simbhaoli Sugars Ltd, news agency PTI reported while quoting officials. The properties, at the time of taking the loan, were valued at over Rs 18 crore by Tech Mach International.

Liquor baron Vijay Mallya, who is in United Kingdom, is also wanted in India for money laundering and defrauding a consortium of Indian banks to the tune of more than Rs. 9000 crore. When the bank sold it off to recover its dues, it fetched only Rs 73 lakh. The second loan was declared NPA (non-performing asset) on November 29, 2016, almost three weeks after demonetisation of Rs 1,000 and Rs 500 notes was announced.

The investigation agency has filed two FIRs against Inder Chand Chundawat, former senior branch manager at PNB's Barmer branch.

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