Left Menu
Development News Edition

SBI complains to CBI after Rs 411-crore loan defaulter flee country

PTI | New Delhi | Updated: 09-05-2020 16:42 IST | Created: 09-05-2020 16:35 IST
SBI complains to CBI after Rs 411-crore loan defaulter flee country
Representative Image Image Credit: ANI

Three promoters of Ram Dev International, recently booked by the CBI for allegedly cheating a consortium of six banks to the tune of Rs 411 crore, have already fled the country before the State Bank of India reached the agency with the complaint, officials said on Saturday. The CBI had recently booked the company engaged in export of Basmati rice to the West Asian and European countries and its directors Naresh Kumar, Suresh Kumar and Sangita on the basis of a complaint from the State Bank of India (SBI), which suffered the loss of more than Rs 173 crore, they said. The company had three rice milling plants, besides eight sorting and grading units in Karnal district with offices in Saudi Arabia and Dubai for trading purposes, the SBI complaint said.

Besides SBI, other members of the consortium are Canara Bank, Union Bank of India, IDBI, Central Bank of India and Corporation Bank, they said. The Central Bureau of Investigation (CBI) did not carry out any searches in the matter because of the coronavirus-induced lockdown, the officials said. The agency will start the process of summoning the accused, in case they do not join the investigation, appropriate legal action will be initiated, they said.

According to the complaint filed by SBI, the account had become a non-performing asset (NPA) on January 27, 2016. The banks conducted a joint inspection of properties in August and October, nearly 7-9 months later only to find Haryana Police security guards deployed there, they said.

"On inquiry, it has come to notice that borrowers are absconding and have left the country," according to the complaint filed on February 25, 2020, over four years after the account had become NPA. The complaint alleged that borrowers had removed entire machinery from old plant and fudged the balance sheets in order to unlawfully gain at the cost of banks' funds, it said.


TRENDING

OPINION / BLOG / INTERVIEW

‘Discounted Deaths’ and COVID 19: Anthropology of Death and Emotions

Death is a social event rather than the mere cessation of biological functions. As seen by anthropologists, death is not just physical but intensely social, cultural, and political....

Indigenous knowledge of communities a must for maximizing impact of community work

Generally, it has been observed that the majority of the academicians in higher education institutions neglect the wisdom of community people and throw their weight around thinking that they know everything and the community knows nothing. ...

In rebuking FBR, Pakistan’s courts take a stand for public health

The system, if implemented effectively, will allow Pakistans revenue service to combat the illicit trade in tobacco products and potentially add hundreds of millions of dollars to the states budget each year. ...

Dissecting how COVID-19 is catalyzing the trajectory of New World Order

The ensuing pandemic of COVID-19 has hit the globalization in two ways firstly, shrinking the importance of globalization as an economic force by curtailing mobility through worldwide lockdowns, and secondly, rejuvenating the idea of indig...

Videos

Latest News

"Depressed" dental student leaps to death in Hyderabad

Hyderabad, May 26 PTI A 25-year-old woman dental student allegedly committed suicide by jumping off a residential complex on Tuesday apparently depressed for not getting an MBBS seat, police said. The fourth year BDS student at a dental col...

Russia to hold World War II victory parade on June 24

Russia will hold a military parade marking the 75th anniversary of the defeat over Nazi Germany in World War II on June 24, after the celebration was postponed from May because of the coronavirus pandemic. Russian President Vladimir Putin m...

Hisar hottest at 48 deg C as heatwave intensifies in Haryana, Punjab

A severe heatwave swept Haryana, Punjab and their joint capital, Chandigarh, on Tuesday, with Hisar being the hottest place in the region at 48 degrees Celsius. Hisar in Haryana recorded its hottest day of the current summer so far, with th...

Student leaders accuse Centre of indulging in vendetta politics against those opposed to CAA

Student leaders and activists accused the Centre and police on Tuesday of indulging in vendetta politics against those who opposed the Citizenship Amendment Act CAA, at a time when the country is under a lockdown due to the coronavirus pand...

Give Feedback