Health Care

CBI books UP-based sugar company in ₹ 109-crore bank fraud

CBI books UP-based sugar company in ₹ 109-crore bank fraud

The Central Bureau of Investigation (CBI) on Sunday registered a case against Simbhaoli Sugars Ltd and its top executives for causing a loss of Rs 109 crore to state-owned Oriental Bank of Commerce (OBC). The agency also conducted searches at eight locations, including one in Hapur in Uttar Pradesh, one in Noida, and six locations in Delhi.

The account turned NPA on March 31, 2015 and was declared alleged fraud by the bank to RBI on May 13, 2015 for an amount of Rs 97.85 crore.

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 bank, which had the last contact with Sabhya Seth in March 2014, has claimed that he availed credit facilities between 2007 and 2012 in the form of Letters of Credit (LC) for making payments to other trade creditors against the purchase of gold and other precious stones.

It´s getting boring! - Dier lauds Kane following last-gasp victor
The only notable moment came towards the end of the half when Harry Kane was brought down in the penalty box. Tottenham Hotspur manager Mauricio Pochettino: "It will be a big battle".

Simbhaoli Sugars is one of the country's largest sugar refinery companies.

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.

Non-executive directors S.K. Ganguly, S.C. Kumar, Yashwant Varma and Ram Sharma have also been accused of their involvement, besides unknown bank officials and private persons. Majority relate to conspiracy and cheating, and some involve employees of the bank. The properties, at the time of taking the loan, were valued at over Rs 18 crore by Tech Mach International.

In addition to the existing NPA, the bank - under the multiple-banking arrangements, - had sanctioned another corporate loan of ₹ 110.00 crore to the sugar company on January 28, 2015, to pay off its outstanding loan of ₹ 97.85 crore.

Probe Agency Focuses On Overseas Assets Of Nirav Modi, Mehul Choksi
The Enforcement Directorate on Saturday attached 21 properties, including a penthouse and a farmhouse, of Nirav Modi. For example, SBI alone in 2016-17 reported frauds of Rs 2,424.74 crore (837 cases).

The bank adjusted the total liability of Rs 112.94 crore towards the company by way of deposit of the new corporate loan.�.

Rotomac Global director Vikram Kothari and his son Rahul have been sent to CBI remand for 11 days for further interrogation in connection with the alleged R3,695-crore wilful loan default case. The bank said that the company enjoyed credit facilities including foreign bill discounting.

Similarly on Wednesday, the CBI filed a case against businessman Amit Singla and others on a complaint of Bank of Maharashtra for securing a loan on false representation by forging documents and its criminal misappropriation and use.

Villagers flee as India, Pakistan trade heavy border fire
He added, " Indian Army has retaliated accurately on the Pak Army post.Villagers have been evacuated to govt school in Uri ". Pakistani troops resorted to ceasefire violation yet again on Sunday evening.


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