This is the second case in three days registered by the CBI upon complaints from the Oriental Bank of Commerce. The bank and CBI have claimed that Gurpal Singh is Deputy MD of the company while Simbhaoli's website claims he is a Director.
The business loan, too, turned NPA on November 29, 2016, therefore leading to its very first exceptional loan of Rs 97.85 crore (as supposed scams) and the fresh business loan of Rs 109.08 crore (as fresh exceptional), stated CBI Spokesperson Abhishek Dayal. Earlier, CBI sat on OBC's complaint in Dwarka Das case for six months.
According to the FIR, OBC sanctioned a loan of Rs 148.60 crore to the company in 2011.
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The business provided to the bank the names of private farmers' in addition to their information of land holding and walking stick provided by them in the previous season. It was also supposed to submit the KYC and other requisite documents along with the loan application of individual farmers. However, the sugar company diverted the amount for other purposes, The Hindu reported.
Following the complaint, the CBI carried out searches at multiple locations in Delhi, Hapur and Noida in UP.
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. In this manner, OBC declared, Simbhaoli Sugars has actually abused the cash provided by it and "there is clear cut department of funds".
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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 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.
Around 13 people connected with Simbhaoli Sugars Limited, one of the largest sugar refining companies of India, have been named in the case by the CBI, including Punjab Chief Minister Captain Amarinder Singh's son-in-law Gurpal Singh, the Deputy General Manager of the sugar firm.
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