Punjab CM's son-in-law booked in Rs 97-cr OBC loan default case

Punjab CM's son-in-law booked in Rs 97-cr OBC loan default case

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 OBC was hit by the disclosure of Rs 390-crore scam on Saturday involving a Delhi-based diamond jewellery exporter in bank loan fraud. Previously, CBI rested on OBC's grievance in Dwarka Das case for 6 months. 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 business provided to the bank the names of private farmers' in addition to their information of land holding and walking stick provided by them in the previous season.

According to the FIR, the bank filed the complaint on November 17, 2017.




It turned out that Simbhaoli issued improper KYC certificates in the names of farmers.

Around 13 people connected with Simbhaoli Sugars Limited, one of the largest sugar refining companies of India, have been named in the case by the CBI, including Punjab Chief Minister Captain Amarinder Singh's son-in-law Gurpal Singh, the Deputy General Manager of the sugar firm. 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. This way, OBC claimed, Simbhaoli Sugars has misappropriated the money lent by it and "there is clear cut division of funds". Despite the existing NPA, the Oriental Bank of Commerce sanctioned another corporate loan to Simbhauli in January 2015 worth Rs 110 crore to pay its outstanding loan of Rs 97.85 crore. The bank in May 2015 declared to RBI that the loan was a fraud of approximately Rs. 98 crore.

The agency also carried out searches at eight premises, including the residences of directors, factory, corporate office and registered office of the company in Delhi, Hapur and Noida on Sunday, said CBI spokesperson Abhishek Dayal.

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.

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