NEW DELHI: The CBI has issued lookout circulars against Director Gurpal Singh and three executives of Simbhaoli Sugars which is under probe for alleged loan fraud of Rs 109 crore, officials said today.
The look out circulars have been issued to prevent any attempt by them to leave the country and to keep a track of their movements, they said.
The circulars have been issued against Singh, who is the son-in-law of Punjab Chief Minister Amarinder Singh, the then Chief Executive Officer GSC Rao, the then Chief Financial Officer Sanjay Thapar and Executive Director Gursimran Kaur Mann, they said.
Amarinder Singh had refuted allegations of any wrongdoing on the part of his son-in-law.
The CBI has booked Simbhaoli Sugars on the basis of a complaint from Oriental Bank of Commerce which had alleged that the loans given to the company turned non-performing asset (NPA).
The probe focuses on two loans -- Rs 97. 85 crore loan which was declared fraud in 2015 and another corporate loan of Rs 110 crore which was used to repay the previous loan.
The second loan was declared NPA on November 29, 2016, nearly 20 days after scrapping of Rs 1,000 and Rs 500 notes was announced, according to the CBI FIR.
The bank was allegedly cheated to the tune of Rs 97. 85 crore, but the loss incurred by the bank was Rs 109. 08 crore, the FIR read.
The lender, Oriental Bank of Commerce, complained to the CBI on November 17, 2017, but the agency registered a case of criminal conspiracy and cheating under the Prevention of Corruption Act on February 22, 2018.