The Central Bureau of Investigation has actually submitted a case versus Bombay Stock Exchange noted- Simbhaoli Sugars Limited, among the biggest sugar refining business- for supposedly cheating Oriental Bank of Commerce of Rs 109 crore in 2011 on the pretext of funding sugarcane farmers. The loan was sanctioned for financing individual/Joint Liability Groups (JLG) /Self Help Groups (SLG) sugarcane farmers for the tie-up arrangement under RBI scheme to the Simbhaoli Sugars Ltd during the period from January 25, 2012 to March 13, 2012, in December 2011. The second loan was declared NPA (non-performing asset) on November 29, 2016, almost three weeks after demonetisation of Rs 1,000 and Rs 500 notes was announced.
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 lender, Oriental Bank of Commerce, complained to the CBI on November 17, 2017, but the agency registered a case of criminal conspiracy and cheating under the Prevention of Corruption Act on February 22.
This is the 2nd FIR in 3 days signed up by CBI+ on the grievance of OBC relating to bank scams.
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According to the FIR, in addition to the existing NPA, the bank sanctioned another corporate loan of Rs 110 crore to the company on January 28, 2015, to pay its outstanding loan of Rs 97.85 crore, and adjusted the total liability of Rs 112.94 crore towards the company by way of deposit of this new corporate loan. The investigating agency was conducting searches at multiple locations across Delhi and Uttar Pradesh in connection with the case.
The case of loan fraud against comes at a time when the banking sector reels under pressure from Rs 11,400 crore fraud in Punjab National Bank (PNB), involving allegedly by Mumbai-based diamond jeweller Nirav Modi and his uncle Mehul Chowksi.
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 account of Rs 148.59 crore was stated non-performing property (NPA) in March 2015 and a scams in May 2015 for an exceptional quantity of Rs 97.85 crore. "The company has committed breach of terms of MoU and diverted funds for purposes other than that agreed upon between the company and our bank", the OBC said.