Punjab CM's son-in-law among 13 booked for bank fraud

Yet another bank loan fraud surfaces

The bank had complained to the CBI on November 17, 2017, but the agency registered the case on February 22 this year. The corporate loan also turned NPA on November 29, 2016.

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. Previously, CBI rested on OBC's grievance in Dwarka Das case for 6 months.

The company supplied to the bank the names of individual farmers' along with their details of land holding and cane supplied by them in the previous season.

According to the OBC complaint, the company had approached the bank in 2011 seeking around Rs 149. The loans were paid out through private loan accounts opened for farmers and combined quantity of each dispensation was credited in the Escrow (present) account of Simbhaoli Sugars on the basis of carrying out provided by the business that inputs like seed, fertilizers and other essential devices etc have actually been provided by it to all the specific farmers.

It turned out that Simbhaoli issued improper KYC certificates in the names of farmers.

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The recent incident which gained light and is still coming up with new revelations, Nirav Modi, the celebrated jewellery designer who has dominated the news in India, has been accused by PNB (Punjab National Bank) which has alleged Modi and his uncle Mehul Choksi, and other family members along with their related companies of fraudulent transactions worth nearly $2 billion. The agency also conducted searches at eight locations, including one in Hapur in Uttar Pradesh, one in Noida, and six locations in Delhi.

Simbhaoli Sugars Ltd is one of the largest sugar mills in the country.

The OBC adjusted the total liability of Rs 112,94,99,471 of the company on June 30, 2016 by way of deposit of this new corporate loan.

It was further alleged that in addition to the existing NPA (March 31, 2015), the bank, under multiple banking arrangements sanctioned another corporate loan of Rs 110.00 crore to the sugar company on January 28, 2015, to pay its outstanding loan of Rs 97.85 crore. The bank in May 2015 declared to RBI that the loan was a fraud of approximately Rs. 98 crore.

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.

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