Saturday, 22 September, 2018

Punjab CM Amarinder Singh's son-in-law booked in Simbhaoli Sugars loan default case

Yet another bank loan fraud surfaces CBI signs up Rs 109 crore loan default case versus CMD of Simbhaoli Sugars
| 26 February, 2018, 10:20

In it's latest FIR among those named by CBI include Simbhaoli Sugar's Chairman and Managing Director Gurmit Singh Mann, Deputy Managing Director Gurpal Singh and eight others including CFO, executive and non-executive directors of the company apart from unknown officials of the public sector bank.

According to the CBI, Simbhaoli Sugars had approached the Oriental Bank of Commerce in 2011 seeking around Rs 148 crore in loan to finance almost 5,200 sugarcane farmers.

In addition, (now booked) some bank officials in connivance with top bosses also got a loan worth Rs 110 crore sanctioned to Simbhaoli Sugar Mills to help it settle its previous dues. "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.

According to the FIR, the Oriental Bank of Commerce had sanctioned Rs. 148.60 crore to Simbhaoli Sugars Ltd back in 2011.

This is the second case in three days registered by the CBI upon complaints from the Oriental Bank of Commerce.


Shares of Oriental Bank of Commerce and Simbhaoli Sugars lost 9-20 percent intraday on Monday as investors turned cautious post developments of a likely fraud involving the sugar firm.

On May 13, 2015, the bank declared it as loan fraud of Rs 97.85 crore to the Reserve Bank of India.

On Sunday, the CBI carried out searches on the residential and official premises of the accused in Delhi and Uttar Pradesh, an official said. "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. Previously, as initially reported by TOI, CBI submitted a case to probe Rs 390 crore scams devoted with OBC by Karol Bagh based Dwarka Das Seth International diamond trader Sabhya Seth and partners. "The account was later declared as alleged fraud by the bank to RBI on May 13, 2015 for an amount of Rs 97.85 crore", stated the FIR, a copy of which was reviewed by Mint.

The bank in its investigation found that the accounts of the farmers were also declared as NPA on March 31, 2015 in accordance with the prudential norms.

The loan money was "dishonestly and fraudulently diverted by the company for its own needs", Dayal said.

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