CBI files case against private sugar company, officials for bank fraud
New Delhi: The CBI on Sunday registered a bank fraud cases against a Uttar Pradesh based private sugar company, its top officials along with unknown bank officials for allegedly causing loss of Rs 109 crore to Oriental Bank of Commerce, officials said.
According to Central Bureau of Investigation (CBI) officials, the Hapur-based Simbhaoli Sugars Ltd in 2011 fraudulently diverted funds received as loans for sugarcane farmers and self help groups.
CBI also conducted searches at offices of the company and residences of its officials at eight places, including one location each in Hapur and Noida, and six locations in Delhi.
"Searches are being conducted at eight premises including residences of Directors, factory, corporate office and registered office of the company in Delhi, Hapur and Noida," CBI spokesperson Abhishek Dayal told IANS.
The agency has named the company's Chairman and Managing Director, its Directors, CEO, Chief Financial Officer and unknown bank officials and other private persons, under charges of criminal conspiracy, cheating, forgery slapping sections under Prevention of Corruption Act for causing loss to the bank.
Officials said that the Bank sanctioned a loan amounting to Rs 148.60 crore in 2011 to the private company for financing individual, Joint Liability Groups, Self-Help Groups under the tie-up arrangement under the RBI Scheme to 5,762 sugarcane farmers supplying sugar produce to said private company during the period from January 25 to March 13, 2012. It has been alleged that the company has diverted funds for personal use.
According to complaint, the account turned Non Performing Asset (NPA) on March 31, 2015 and was later declared as alleged fraud by the bank to RBI on May 13, 2015 for an amount of Rs 97.85 crore.
It was further alleged that in addition to the existing NPA as on March 31, 2015, the bank, under multiple banking arrangements, had sanctioned another corporate loan of Rs 110 crore to the sugar company on January 28, 2015, to pay its outstanding loan of Rs 97.85 crore, and adjusted the total liability of Rs. 112.9 crore of said private company on June 30, 2016 by way of deposit of this new corporate loan.
The corporate loan, too turned into an NPA on November 29, 2016, thus resulting in its first outstanding loan of Rs 97.85 crore (as alleged fraud) and the corporate loan of Rs 109.08 crore (as fresh outstanding).
CBI is now investigating the matter, officials said.
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Karnataka Milk Federation enters Delhi-NCR, offers competitive pricing on Nandini products
New Delhi, Nov 21: Karnataka Chief Minister Siddaramaiah on Thursday launched the Karnataka Milk Federation's (KMF) Nandini brand milk products in the Delhi-NCR market, pricing them marginally lower than competitors to gain a foothold in the region.
The cooperative will retail four cow milk variants, curd, and buttermilk from Friday, with competitive pricing that undercuts established players like Mother Dairy and Amul.
Cow milk will be sold at Rs 56 per litre, full Cream Milk at Rs 67 per litre, Standardised Milk at Rs 61 per litre, Toned Milk at Rs 55 per litre, and curd at Rs 74 per kg.
"We have surplus milk in the state. KMF along with Mandya Milk Union will market surplus milk of 3-4 lakh litres per day in Delhi-NCR," Siddaramaiah told reporters after launching the products.
The federation currently collects 100 lakh litres of milk daily, with local consumption at 60 lakh litres, leaving a surplus of 40 lakh litres for expansion into new markets.
However, the Chief Minister acknowledged the challenges of transporting milk over 2,500 km, which takes 50-54 hours.
There is a need to find new markets for surplus milk and gradually the KMF should be able to sell 5-6 lakh litres per day in Delhi-NCR, he added.
KMF Chairman LBP Bheemanaik assured that milk quality would be maintained during transit.
The federation has already partnered with 40 dealers in the Delhi-NCR region to facilitate sales, he added.
With a robust infrastructure of 26.76 lakh milk producers, 15,737 dairy cooperative societies, and 15 district milk unions, KMF has a turnover of Rs 25,000 crore and exports dairy products to over 25 countries.
State Animal Husbandry Minister K Venkatesh and Agriculture Minister N Cheluvarayaswamy were present at the product launch.
ದೇಶದ ಹಾಲು ಉತ್ಪಾದನೆಯಲ್ಲಿ ಗುಜರಾತ್ ಮೊದಲ ಸ್ಥಾನದಲ್ಲಿದ್ದರೆ, ಕರ್ನಾಟಕ ಎರಡನೇ ಸ್ಥಾನದಲ್ಲಿದೆ.
— Siddaramaiah (@siddaramaiah) November 21, 2024
ದೆಹಲಿ ನಗರದಲ್ಲಿ ಕೆ.ಎಂ.ಎಫ್ ಮತ್ತು ಮಂಡ್ಯ ಹಾಲು ಒಕ್ಕೂಟಗಳು ಸೇರಿಕೊಂಡು ವಿವಿಧ ಶ್ರೇಣಿಯ ಹಾಲನ್ನು ಮಾರುಕಟ್ಟೆಗೆ ಬಿಡುಗಡೆ ಮಾಡಿವೆ. ದೆಹಲಿಯ ನಿವಾಸಿಗಳಿಂದ ನಂದಿನಿ ಉತ್ಪನ್ನಗಳಿಗೆ ಅತ್ಯುತ್ತಮ ಸ್ಪಂದನೆ ದೊರೆಯಲಿದೆ ಎಂಬ ವಿಶ್ವಾಸ ನನಗಿದೆ.… pic.twitter.com/yUmTQknGzD
