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.
As per the MoU, out of the sugarcane price to be paid by Simbhaoli Sugars to the farmers, loan liabilities were to be adjusted and the remaining amount was to be paid by the company to the farmers, said the FIR. It was later declared by the bank as an alleged fraud of Rs. 97.85 crore.
After submitting the case, CBI browsed eightpremises consisting of houses of Directors of Simbhaoli, its factory, business workplace and signed up workplace in Delhi, Hapur and Noida.
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The CBI has named the company's Chairman and Managing Director Gurmit Singh Mann, Deputy Managing Director Gurpal Singh and eight other officials in its First Information Report.
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.
The case was registered on Thursday, but Oriental Bank of Commerce had filed the complaint on November 17 past year. 60 crore loan for the goal of financing around 5,762 sugarcane farmers. The bank alleged that the sugar refiner "dishonestly and fraudulently diverted" a Rs 1.48-billion-loan sanctioned in 2011 for financing cane farmers for private use, a statement issued by CBI said. The bank in May 2015 declared to RBI that the loan was a fraud of approximately Rs. 98 crore. This loan turned NPA in November 2016. The corporate loan, too, turned NPA on November 29, .2016. 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.
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The bank's Hapur branch paid out loans to 5,762 farmers in between January and March 2012 amounting to Rs 148.59 crore.
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 recent incident which gained light and is still coming up with new revelations, Nirav Modi, the celebrated jewellery designer who has dominated the news in India, has been accused by PNB (Punjab National Bank) which has alleged Modi and his uncle Mehul Choksi, and other family members along with their related companies of fraudulent transactions worth nearly $2 billion.
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