NEW DELHI: In yet another loan fraud case relating to Oriental Bank of Commerce, the CBI has registered a case against Ghaziabad-based Simbhaoli Sugars Ltd and others for defrauding the bank of Rs 109 crore.The case was registered on Thursday, but Oriental Bank of Commerce had filed the complaint on November 17 last year.
The agency has booked Simbhaoli Sugars Ltd’s CMD Gurmit Singh, deputy MD Gurpal Singh, CEO GSC Rao, CFO Sanjay Tapriya and five non-executive directors.The FIR has alleged that Oriental Bank of Commerce sanctioned a loan of Rs 148.60 crore in 2011 to the company for financing 5,762 sugarcane farmers to supply sugar produce to the company from January 25, 2012, to March 13, 2012. The money was allegedly fraudulently diverted by the company for its own needs.
In addition to the existing NPA worth Rs 97.85 crore, Oriental Bank sanctioned another corporate loan of Rs 110.00 crore to the company on January 28, 2015, to pay its outstanding loan of Rs 97.85 crore. The bank adjusted the total liability of Rs 112,94,99,471 of the company on June 30, 2016, by way of deposit of this new loan, which turned NPA on November 29, 2016, 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), according to the FIR.
The CBI had on Thursday registered another case of fraud by a Delhi-based jeweller for Rs 389.5 crore involving the Oriental Bank of Commerce.