Rahul Gandhi targets PM after yet another bank fraud comes to light

26 February, 2018, 07:11 | Author: Joy Garcia
  • The latest FIR comes close on the heels of the case against diamantaire Nirav and his uncle Mehul Choksi in a Rs 11,394.02 crore bank fraud towards Punjab National Bank. Image courtesy twitter

The probe agency has registered a case of fraud against Simbhaoli Sugars Limited - a private sugar-manufacturing firm based in Uttar Pradesh's Simbhaoli - its top officers, including the CMD, CFO, CEO and directors, and unknown bank officials.

The CBI booked Delhi-based diamond jewellery exporter Dwarka Das Seth International Pvt Ltd, six months after the Oriental Bank of Commerce filed a complaint with the agency. The bank claimed in its complaint that Dwarka Das Seth International enjoyed various credit facilities including foreign bill discounting under letters of credit (LCs).

On the same day, it filed a case against Inder Chand Chundawat, then Senior Branch Manager in Punjab National Bank's Barmer office, for abuse of official position.

The OBC was hit by the disclosure of Rs 390-crore scam on Saturday involving a Delhi-based diamond jewellery exporter in bank loan fraud.

The FIR named India's largest sugar makers, its chairman, managing director, chief executive officer, chief financial officer and directors for allegedly defrauding the bank. The loans turned into NPAs way back in 2014, but the bank approached the agency on August 16 a year ago, after the company had folded up and Seth fled the country.

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In addition to the existing NPA worth Rs 97.85 crore, Oriental Bank sanctioned another corporate loan of Rs 110.00 crore to the company on January 28, 2015, to pay its outstanding loan of Rs 97.85 crore. "He had approached me for consultancy on taking loan". The second corporate loan, too, was declared an NPA in November 2016.

The bank said it had sanctioned a loan of Rs 148.60 crore to the company in 2011, under an RBI scheme for financing individual/joint liability groups (JLG)/self help groups (SHG)/of 5,762 sugarcane farmers, supplying sugar produce to the company between January 25 and March 13, 2012. Of this, Rs 97.85 crore was declared non-performing asset (NPA).

It is notable that industrialist Vikram Kothari, the promoter of Rotomac Pens, and his son Rahul Kothari, were arrested on Thursday in Rs. 3,700-crore loan default case. Tech Mach was later removed from the panel of valuers by the bank.

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.



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