tiptrot.com March 21, 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.

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