CBI books Simbhaoli Sugars for Rs 109 crore loan default case

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

Six months after the public sector bank's complaint, the agency has registered a case against the directors of the company, Sariyeth Seth, Rita Seth, Krishna Kumar Singh, Ravi Singh and another company Dwarka Das Seth SEZ Incorporation.

The case was registered almost after six months after OBC filed a complaint with the central agency.

Yet another bank scam surfaced on Sunday with the Central Bureau Investigation (CBI) registering a case against the chief managing director and other top officials of Simbhaoli Sugars mill for defrauding the Oriental Bank of Commerce (OBC) of Rs 200 crore.

The CBI on Wednesday 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. The business moved diverted the funds from the Escrow account to other accounts preserved by it with SBI, Punjab National Bank and UCO Bank through RTGS. The bank in its complaint said that jewellery firm's directors and their family members could not be traced at their residences for the last 10 months. The loans turned into NPAs way back in 2014, but the bank approached the agency on August 16 past year, after the company had folded up and Seth fled the country. The two parties have skirmished over PNB fraud and Congress on Saturday blamed BJP for embezzlement from Oriental Bank of Commerce. "He had approached me for consultancy on taking loan". One of the properties, a double-storied house owned by Roshan Lal in Rohtak, Haryana, was valued at Rs 4.85 crore while sanctioning the loan. It was later declared by the bank as an alleged fraud of Rs. 97.85 crore. Chundawat allegedly siphoned off money from government schemes and put it in the accounts of fictitious persons causing a loss of over Rs 2 crore. When the bank sold it off to recover its dues, it fetched only Rs 73 lakh.

The bank also wrote to Al-Salam Jewellery of Dubai for clearing Rs83.28 crore in bills. "The corporate loan, too, turned NPA on November 29, 2016, thus resulting in its first outstanding loan of Rs 97.85 crore (as alleged fraud) and the fresh corporate loan of Rs 109.08 crore (as fresh outstanding)", the FIR added. They then went missing, prompting banks to move the Debt Recovery Tribunal and also got some collateral assets liquidated.

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