tiptrot.com July 17, 2018

In Another Bank Scam, Amarinder Singh's Son-In-Law Among 11 Named By CBI

26 February 2018, 07:07 | Nichole Osborne

Yet another bank loan fraud surfaces

Fooling the banks of crores 3 more fresh cases under CBI scanner

The complaint was filed before the CBI six months ago and it was only when bank officials asked them to look into the matter, the agency booked the company and the directors of the firm - Sabhya Seth, Reeta Seth, Krishna Kumar Singh and Ravi Singh - and another company named Dwarka Das Seth SEZ Incorporation. "CBI has often red-flagged rising cases of bank fraud and delay in identifying and reporting such frauds, which allows the borrowers to siphon off funds or flee before investigations are taken up".

According to the FIR, the bank filed the complaint on November 17, 2017.

One case filed by PNB involves an official opening fictitious accounts and diverting funds fraudulently to fake bank accounts, as well as perpetrating fraud under the government's Mudra scheme. The CBI on Wednesday had filed a case against businessman Amit Singla and others on a complaint of the Bank of Maharashtra for a loan through forged documents and its criminal misappropriation and use.

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.

In the current FIR, CBI has actually declared that Oriental Bank of Commerce approved a loan totaling up to Rs 148.59 crore to Simbhaoli Sugars in December 2011 after the business approached it with a proposition for funding sugarcane farmers under the tie-up plan with the business (with an optimum limitation of Rs 3 lakh per farmer).

The company has availed various credit facilities from OBC between 2007-12, which swelled to Rs 389 crore during the period. The corporate loan, too, turned NPA on November 29, .2016. Of this, Rs 97.85 crore was declared non-performing asset (NPA). The properties, at the time of taking the loan, were valued at over Rs 18 crore by Tech Mach International.

In 2015, the bank declared 978.5 million rupees of the loan as having turned sour and reported the alleged fraud to the Reserve Bank of India.

The bank also wrote to Al-Salam Jewellery of Dubai for clearing Rs83.28 crore in bills.

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.

Other News


Trending Now

Lewis Hamilton: Nowhere I would rather be than Mercedes
The halo cockpit safety system will feature on all F1 cars and is created to protect drivers from flying debris and crashes. So we were careful not to lose the car's many strengths just to overcome the difficulties", stated team boss, Toto Wolff .

United Kingdom police investigating suspicious package sent to Prince Harry and Meghan Markle
However, neither Kensington Palace, where Harry and Meghan live, nor the Metropolitan Police has confirmed if this was the case. A letter containing non-harmful white powder was also reportedly sent to Home Secretary Amber Rudd the following day.

Hazard out to shine against Messi
Lewandowski was free after a mistake from Besiktas captain Atiba Hutchinson and Vida had few options other than to bring him down. Given that Chelsea are hosting Barca in the Champions League this week, we felt it would be fitting to test your knowledge.

Publication of Net Neutrality Rule Prompts Challenge by 24 States
Software company Mozilla announced on its blog Thursday morning that it had re-filed its suit. The CPUC says the FCC's decision violates federal law, including but not limited to the U.S.

Pak gets 3-month reprieve on terror financing; claims it as triumph
He further said the Asia Pacific Group, which is part of FATF , was asked to consider another report in June. Asif in a midnight tweet thanked "friends" who helped Pakistan avoid a major worldwide embarrassment.

NBA All-Star Draft Likely To Be Televised
Who landed on each team was known to the fans , but exactly who went when in the All-Star draft was never officially disclosed. So much so that on the final play, Stephen Curry was shut down by a double-team led by LeBron James and Kevin Durant .

Rite Aid Shares Given Boost as Albertsons Eyes Chain
However, the company updated its amended public offering filing with the Securities and Exchange Commission in November. Wall Street is only getting neutral on the stock, with 1 of analysts who cover RAD having a buy-equivalent rating.

This is the reason Paul Pogba left Old Trafford in 2012
Former Arsenal defender Keown warned Mourinho that Manchester United won't get the best out of Pogba in a deeper role. United say Pogba after the £89million midfielder reported ill on Saturday morning.

Google announces big changes to Google Assistant
Google has already pushed forward Google Assistant in English, French, German, Italian, Japanese, Korean, Spanish, and Portuguese. For example, you could tell your Google Home device to remind you to buy milk when you're at the grocery store.

'Very strong blue ice' contributing to Grand River flooding
Just a week ago, creek flooding occurred on several streams in the region, followed by Ohio River flooding over the weekend. The Woodman Park Community Centre at 491 Grey Street was set up as an emergency shelter for people with nowhere else to go.