SBI complains to CBI after Rs 411 cr loan defaulters flee country; account had become NPA in 2016

Besides SBI, other members of consortium are Canara Bank, Union Bank of India, IDBI, Central Bank of India and Corporation Bank, they said.

Press Trust of India May 10, 2020 11:04:08 IST
SBI complains to CBI after Rs 411 cr loan defaulters flee country; account had become NPA in 2016

New Delhi: Three promoters of Ram Dev International, recently booked by the CBI for allegedly cheating a consortium of six banks to the tune of Rs 411 crore, have already fled the country before the State Bank of India reached the agency with the complaint, officials said on Saturday.

The CBI had recently booked the company engaged in export of Basmati rice to the West Asian and European countries and its directors Naresh Kumar, Suresh Kumar and Sangita on the basis of complaint from the State Bank of India (SBI), which suffered the loss of more than Rs 173 crore, they said.

The company had three rice milling plants, besides eight sorting and grading units in Karnal district with offices in Saudi Arabia and Dubai for trading purposes, the SBI complaint said.

Besides SBI, other members of consortium are Canara Bank, Union Bank of India, IDBI, Central Bank of India and Corporation Bank, they said.

SBI complains to CBI after Rs 411 cr loan defaulters flee country account had become NPA in 2016

Representational image. Reuters.

The Central Bureau of Investigation (CBI) did not carry out any searches in the matter because of the coronavirus-induced lockdown, the officials said.

The agency will start the process of summoning the accused, in case they do not join the investigation, appropriate legal action will be initiated, they said.

According to the complaint filed by SBI, the account had become non-performing asset (NPA) on  27 January, 2016.

The banks conducted a joint inspection of properties in August and October, nearly 7-9 months later only to find Haryana Police security guards deployed there, they said.

"On inquiry, it has been come to notice that borrowers are absconding and have left the country," the complaint filed on 25 February, 2020, after over a year of account becoming NPA, the officials said.

The complaint alleged that borrowers had removed entire machinery from old plant and fudged the balance sheets in order to unlawfully gain at the cost of banks' funds, it said.

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

84% construction workers in Pune, Ulhasnagar not paid in lockdown: Survey shows devastating impact of GDP contraction on migrant labourers
India

84% construction workers in Pune, Ulhasnagar not paid in lockdown: Survey shows devastating impact of GDP contraction on migrant labourers

The construction industry in India is the second largest employer after agriculture and has an industry size of Rs 10.5 trillion. According to the Confederation of Real Estate Developers Association of India, prior to the lockdown, there were 20,000 ongoing construction projects in the country and work was being undertaken in as many as 18,000 sites.

'You didn't count so no one died?': Rahul Gandhi attacks Centre on migrant deaths, says govt is 'unaffected'
India

'You didn't count so no one died?': Rahul Gandhi attacks Centre on migrant deaths, says govt is 'unaffected'

The Congress leader in a tweet said that the BJP-led Centre does not know how many migrant labourers died and how many jobs were lost during the lockdown

Six months after India's coronavirus lockdown, time has both slowed down and sped up
long reads

Six months after India's coronavirus lockdown, time has both slowed down and sped up

Six months since India’s coronavirus lockdown was declared, how are people marking the passage of time?