After innumerable revelations of bank fraud cases, the Central Bureau of Investigation (CBI) has registered a case against top officials of Simbhaoli Sugars Ltd, which is one of the largest sugar mills in the country, including its Deputy General Manager Gurpal Singh, the son-in-law of Punjab Chief Minister Captain Amarinder Singh, for alleged bank loan fraud of Rs 97.85 crore and default of Rs 110 crore.
Non-executive directors of Simbhaoli Sugar Limited S.K. Ganguly, S.C. Kumar, Yashwant Varma and Ram Sharma have also been accused of involvement in cheating the Oriental Bank of Commerce (OBC), besides unknown bank officials and private persons.
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.
Again, the CBI has not acted on the bank's complaint for three months as they had approached them in November 17, 2017.
The second loan was declared NPA on November 29, 2016, almost 20 days after scrapping of Rs 1,000 and old Rs 500 notes was announced, according to the CBI FIR.
The loan amount was then converted into a non-performing asset on March 31, 2015.
The Central Board of Investigation has booked the chairman and managing director (CMD) of Simbhaoli Sugar on charges of fraud against Oriental Bank of Commerce.
The premiere agency is also carrying out searches at multiple locations in Delhi and UP in connection with case against Simbhaoli Sugars Ltd, officials have said.
According to the OBC complaint, the company had approached the bank in 2011 seeking around Rs 149.
The OBC was hit by the disclosure of Rs 390-crore scam on Saturday involving a Delhi-based diamond jewellery exporter in bank loan fraud.
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.
While the bank declared a fraud of Rs. 97.85 crore, the actual loss had amounted to 109. The company transferred diverted the funds from the Escrow account to other accounts maintained by it with SBI, Punjab National Bank and UCO Bank through RTGS.