CBI books Simbhaoli Sugars for Rs 110-Crore loss to OBC

Over the last 10 days the CBI has filed more than seven cases on complaints filed by banks including Punjab National Bank State Bank of India Oriental Bank of Commerce Bank of Maharashtra and Telangana Grameena

An FIR has been registered by the Central Bureau of Investigation against one of the largest sugar refining companies for alleged cheating Oriental Bank of Commerce (OBC), reported the Times of India.

Besides Gurpal Singh, the CBI has booked 12 others, including Simbhaoli Sugars' Chairman Gurmit Singh Mann, CEO G S C Rao, CFO Sanjay Tapriya, Executive Director Gursimran Kaur Mann and other company officials as well as unknown bank officials.

The CBI has alleged that Oriental Bank of Commerce sanctioned a loan to Simbhaoli Sugars worth Rs 148.59 crore in December 2011 after the company approached the public-sector bank with a proposal to finance sugarcane farmers with a maximum limit of Rs 3 lakh per farmer.

"The corporate loan, too, turned NPA on November 29, 2016", Dayal said.

According to an MoU, of the price to be paid by Simbhaoli Sugars Limited to the farmers, loan liabilities were to be adjusted and the remaining amount was to be paid by the company to the growers, according to the FIR. The agency also conducted searches at eight locations, including one in Hapur in Uttar Pradesh, one in Noida, and six locations in Delhi.

The lender, Oriental Bank of Commerce, has complained to the CBI on November 17, 2017, but the agency registered a case of criminal conspiracy and cheating on February 22.

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In its complaint to the CBI, OBC has said, "The dishonest and fraudulent acts of Simbhaoli Sugars Ltd in respect of loan of Rs 97.85 crore (declared as fraud) and Rs 109.08 crore (fresh outstanding) may kindly be investigated and necessary action be taken in accordance with the provisions of law against all the persons named, including their accomplice and abettors".

According to the OBC complaint, the company had approached the bank in 2011 seeking around Rs 149.

A few days back, the CBI, on the complaint of OBC, had filed a case to probe a Rs 390 crore fraud committed against the bank by Delhi-based Dwarka Das Seth International diamond trader Sabhya Seth and associates. "They (bank) changed the overall liability of Rs 112.94 crore of business in June 2016 by approving this brand-new business loan", states CBI.

Interestingly, in addition to existing NPA, OBC, under multiple banking arrangements sanctioned another corporate loan of Rs 110 crore to Simbhaoli In January 2015 to pay its outstanding loan of Rs 97.85 crore.

The account turned non-performing asset (NPA) on March 31, 2015. 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.

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