CBI registered loan default case against Simbhaoli Sugars Ltd for allegedly causing a loss of Rs109cr to Oriental Bank of Commerce, as per media reports.
The CBI registered loan default case against Simbhaoli Sugars Ltd, a Uttar Pradesh based sugar company, for allegedly causing loss of Rs109cr to Oriental Bank of Commerce, as per media reports.
The investigating agency booked Chief Executive Officer G S C Rao, CFO Sanjay Tapriya, Executive Director Gursimran Kaur Mann and five non-executive directors. Gurpal Singh is the son-in-law of Punjab Chief Minister Amrinder Singh.
As per media reports, CBI spokesperson quoted that 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.
According to Central Bureau of Investigation officials, the Hapur-based Simbhaoli Sugars Ltd in 2011 fraudulently diverted funds received as loans for sugarcane farmers and self-help groups.
This new case furthers adds up to the vulnerability of the banking system as the banking sector reels under pressure from Rs11,400cr fraud in Punjab National Bank.
The stock of Simbhaoli Sugars Limited is locked at lower circuit of 20% at a price of Rs13.50, on BSE.
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