Monday, June 25

Name of Punjab CM son-in-law in bank fraud of 109 crore

The CBI has registered a case of alleged bank loan fraud of Rs 97.85 crore against Sinhauli Sugars Limited, its Chairman Gurmeet Singh Mann, Deputy Managing Director Gurpal Singh and others. Sinhauli Sugars Limited is one of the largest sugar mills in the country. It is being told that this fake of bank fraud of Rs109.08 crores is related to the Oriental Bank of Commerce (OBC).

CBI bank fraud

Image Courtesy: Hindustantimes

The agency has registered a case against the company’s CEO GSC Rao, CFO Sanjay Taparia, Executive Director Gursimran Kaur Mann. Gurpal Singh is the son-in-law of Punjab Chief Minister Amarinder Singh.

CBI spokesman Abhishek Dayal told that the agency searched the director’s house, factory and eight locations including the corporate and offices of Delhi-based company, Hapur and Noida.

What is the whole matter regarding bank fraud?

This investigation of the fake encounter is going on in two cases. The first case is Rs 97.85 crore, which was declared a loan frauds in 2015. The second case is of 110 crores, which has been repaid in order to repay the previous loan.

The second loan was declared NPA on November 29, 2016. According to the FIR copy of the CBI, this sentence of declaring NPAs exactly 20 days after the note-off. The bank is alleged to be deficit of Rs.97.85 crore, whereas the actual loss is around Rs. 109.08 crores. The lending Oriental Bank of Commerce (OBC) filed a complaint in this regard on November 17, 2017 but the CBI registered a case against the sugar mill under Prevention of Corruption Act on February 22.

What does the copy of FIR say?

According to the FIR, OBC provided a loan of Rs. 148.60 crores to the sugar company in 2011. Under a scheme of the Reserve Bank, loan was given to 5,762 sugar cane farmers to repay the money. CBI Director Dayal said that the company’s money was spent on “defamation and forgery” by the company.

On March 31, 2015, the company’s loan was declared NPA and on May 13, 2015, the bank gave the information of Rs 97.85 crore for the RBI. OBC has said in its charge that despite NPA, the company was given a loan of 110 crores on January 28, 2015, to repay the previous loan amount of 97.85 crore.

What Harsimrat Kaur Badal said?

Shiromani Akali Dal leader Harsimrat Kaur Badal said, “What can anybody expect from a Chief Minister who himself is trapped in black money abroad? The whole family is involved in scandals. This is not a shocking thing in terms of bank fraud. This is the old habit of Congress.

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