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

Yet another bank loan fraud surfaces

The stock of Simbhaoli Sugars reacted sharply to this news and at 12:55 hours was trading at Rs. 14.25 per share, down 15.43 per cent, while OBC was trading at Rs. 95.00 per share, down by 10.17 per cent on Monday. Of this, Rs 97.85 crore was declared non-performing asset (NPA).

The company submitted to the bank names and details of the farmers involved in the scheme after which the bank's Hapur branch disbursed loans to 5,762 farmers between January and March 2012 worth the total loan amount.

The premiere agency is also carrying out searches at multiple locations in Delhi and UP in connection with case against Simbhaoli Sugars Ltd, officials have said.

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In it's latest FIR among those named by CBI include Simbhaoli Sugar's Chairman and Managing Director Gurmit Singh Mann, Deputy Managing Director Gurpal Singh and eight others including CFO, executive and non-executive directors of the company apart from unknown officials of the public sector bank. All this adds up to a roughly Rs. 200 crore fraud which the CBI is now investigating. In the last one week, four new cases have been registered against people for cheating banks.

According to the FIR, OBC sanctioned a loan of Rs 148.60 crore to the company in 2011. 60 crore loan for the objective of financing around 5,762 sugarcane farmers.

However, when the money was transferred to sugar company's accounts, it was diverted for other purposes, said the complainant.

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The probe focuses on two loans: Rs 97.85 crore which was declared fraud in 2015 and another corporate loan of Rs 109 crore which was used to repay the previous loan. "They (bank) changed the overall liability of Rs 112.94 crore of business in June 2016 by approving this brand-new business loan", states CBI. The corporate loan, too, turned NPA on November 29, .2016.

According to an MoU, of the price to be paid by Simbhaoli Sugars Limited to the farmers, loan liabilities were to be adjusted and the remaining amount was to be paid by the company to the growers, according to the FIR.

The account was declared NPA on March 31, 2015.

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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.

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