Police file fraud case against Simbhaoli Sugar executives

Police file fraud case against Simbhaoli Sugar executives

Police file fraud case against Simbhaoli Sugar executives

Apart from the complaint filed against the group firms of Nirav Modi and Mehul Choksi for the Rs 11,400 crore fraud at PNB and the complaint against Rotomac Global, complaints have been filed by banks against companies including Kalimata Krishipanya Bipanan Pvt. Bank fraud case registered against jeweler Dwarkadas Seth of Delhi.

The CBI registered loan default case against Simbhaoli Sugars Ltd, a Uttar Pradesh based sugar company, for allegedly causing loss of Rs109cr to Oriental Bank of Commerce, as per media reports.

Sources say that CBI director Alok Kumar Verma has asked his officers not to sit on complaints on bank frauds and immediately register an FIR.

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As yet another bank fraud came to light, Congress President Rahul Gandhi today hit out at the Modi Government alleging that the Delhi-based diamond jeweller involved in the scam "disappeared" like Nirav Modi and Vijay Mallya while the government looked the other way. Agency sources admitted that they did not lodge the FIR immediately after the bank approached them with their complaint in August 2017.

Simbhaoli Sugars is one of the country's largest sugar refinery companies.

Oriental Bank of Commerce is the latest public sector lender to join the list of state-run banks which have been defrauded by diamond merchants.

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The company has availed various credit facilities from OBC between 2007-12, which swelled to Rs 389 crore during the period.

The account was declared NPA on March 31, 2015. The bank alleged that the sugar refiner "dishonestly and fraudulently diverted" a Rs 1.48-billion-loan sanctioned in 2011 for financing cane farmers for private use, a statement issued by CBI said. "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. Tech Mach was later removed from the panel of valuers by the bank. The Bank of Maharashtra's FIR names Singla, the proprietor of Delhi-based Ashirwad Chain Co, loan guarantor Roshan Lal Bhalotia, property valuation firm Tech Mach International and unknown officials of the bank.

PNB approached the CBI for a second time on Wednesday against one of its branch managers at its Barmer office in Rajasthan.

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