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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CID probe ordered into Minister Laxmi Hebbalkar's complaint against BJP MLC CT Ravi
Hubballi (Karnataka), Dec 24: Karnataka Home Minister G Parameshwara on Tuesday said he has ordered for a probe by the Criminal Investigation Department (CID) into a case in which BJP leader C T Ravi is accused of using a derogatory word against Minister Laxmi Hebbalkar in the Legislative Council last week.
According to officials, a case that has been registered against unknown persons for allegedly attempting to attack Ravi in the Suvarna Vidhana Soudha on December 19, has also been handed over to the CID.
Ravi allegedly used a derogatory word against Hebbalkar in the Legislative Council on December 19 during an altercation between them, when the House was adjourned for a while. He was arrested on the same day evening and taken into the police van from Suvarna Vidhana Soudha premises in Belagavi, based on Hebbalkar's complaint.
"I don't want to comment much on it, I have ordered a CID probe, when the probe is on, one cannot comment or make a statement about it," Parameshwara said in response to a question.
Responding to a question about ordering for the CID probe when Legislative Council Chairman Basavaraj Horatti termed it as a 'closed chapter', he said, "police will have to do their duty. Chairman will do his duty..."
To a question of five day's delay in filing an FIR into an alleged attempt to attack Ravi, the Home Minister said, "after considering everything, taking Council Chairman's opinion, when things are done procedurally, there might be a delay."
"Everything has to be done in the right manner, so we have given it to CID to probe and find the facts. Ravi has said that he has not used derogatory words, but others including witnesses say something else, all of this has to be investigated, so I have ordered a CID probe," he said.
Belagavi Police Commissioner Iada Martin Marbaniang told PTI that both allegations against Ravi and the case pertaining to allegations regarding attempts to attack him, have been transferred to CID. "Further investigation will be done by the CID."
Responding to the probe being handed over to CID, Ravi said, if CID conducts the probe let it be done under supervision of a sitting judge and let the report be submitted to the judge.
"If the probe is done by the department honestly without succumbing to any pressure, Hirebagewadi police station was enough. If worked under no pressure whether it is a police constable or CID anyone can give justice, if there is pressure no one can provide justice," he told reporters in Chikkamagaluru.
The High Court on December 20 ordered the immediate release of Ravi in its interim order, observing that police failed to follow the procedures in arresting him. However, the bench of Justice M G Uma asked Ravi to co-operate with the investigation and be available for questioning.
