CBI books Simbhaoli Sugars for Rs 110-Crore loss to OBC

Delhi Diamond Exporter Booked For Rs 389 Crore Oriental Bank of Commerce Loan Scam

Previously, as initially reported by TOI, CBI submitted a case to probe Rs 390 crore scams devoted with OBC by Karol Bagh based Dwarka Das Seth International diamond trader Sabhya Seth and partners.

He made this remark while highlighting a bank fraud allegedly committed by a Delhi based jewellery outlet.

The Central Bureau of Investigation has registered a case against Ghaziabad-based Simbhaoli Sugars on charges of causing a loss of about Rs110 crore to state-run Oriental Bank of Commerce.

Congress President Rahul Gandhi hit out at the PM, alleging that jeweller Dwarka Das Seth "disappeared" like Nirav Modi and Vijay Mallya, while the government loo-ked the other way.

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.

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Besides Gurpal Singh, the CBI has booked 12 others, including Simbhaoli Sugars' Chairman Gurmit Singh Mann, CEO G S C Rao, CFO Sanjay Tapriya, Executive Director Gursimran Kaur Mann and other company officials as well as unknown bank officials.

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

The bank, after its own inquiry, claimed that Sabhya Seth and other directors along with their family members could not be traced at their residences for the last 10 months. "He had approached me for consultancy on taking loan".

"The corporate loan, too, turned NPA on November 29, 2016", Dayal said. Of this, Rs 97.85 crore was declared non-performing asset (NPA). This resulted in outstanding loan of Rs. 97.85 crore (as alleged fraud) and fresh corporate loan of Rs 109.08 crore. "The account was later declared as alleged fraud by the bank to RBI on May 13, 2015 for an amount of Rs 97.85 crore", stated the FIR, a copy of which was reviewed by Mint.

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. During the visit to the shady area where the people lived one of the biggest questions that arise was that how the bank passed 100s of crores of loans without checking the profile of the customer. 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.

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