Loan Defaulters flee India with Rs 411-crore fraud

Central Bureau of Investigation booked three promoters of Ram Dev International as loan defaulters for supposedly tricking a consortium of six banks to the tune of Rs 411 crore, who had just fled the nation before State Bank of India arrived at the organization with a grumbling, authorities said on Saturday.Loan Defaulters

The CBI had as of late reserved the organization occupied with a fare of Basmati rice to West Asian and European nations and its executives Naresh Kumar, Suresh Kumar, and Sangita based on an objection from SBI, which endured lost more than Rs 173 crore, they said. 

The organization had three rice processing plants for trade purposes, other than eight arranging and reviewing units in the Karnal area of Haryana, other than workplaces in Saudi Arabia and Dubai, the SBI objection said.

In addition to SBI, Canara Bank, Union Bank of India, IDBI, Central Bank of India, and Corporation Bank were the banks from the consortium that had been cheated by these loan defaulters, they said. Due to the coronavirus-instigated lockdown, the Central Bureau of Investigation ( CBI) did not pursue the issue, the authorities said.

In case they do not enter the review, the organization will begin the way to get the loan defaulters, they said, the proper legitimate operation will be initiated.

The record became non-performing assets (NPA) on January 27, 2016, as indicated by the complaint filed by SBI.

In August and October, nearly 7-9 months after discovering Haryana Police security watches sent there, the banks directed a joint property assessment, they said.

On investigation, it was noted that loan defaulters (borrowers) are absconding and have fled the country, “the complaint filed on February 25, 2020, the officials said, after more than a year of the account being NPA.”

The objection claimed that the entire apparatus had been expelled from the old plant by these loan defaulters and fudged the accounting records in order to unfairly obtain at the expense of the assets of the banks, it said.

Not long ago, a body of evidence against Ram Dev International Ltd. and its executives had just been hired by the CBI to allegedly mislead the State Bank of India.

A complaint obtained from the State Bank of India, Karnal branch, enlisted the body of evidence against the organization based in the Rohini area of the national capital and its executives. By the method of unapproved removal of plant and equipment from the plant premises that were mortgaged to the bank, the chiefs allegedly bamboozled the bank.

Similarly, the directors allegedly demonstrated the bank’s dispensing of loans as a capital infusion through round production of reserve movements, profited EPC distributions against the same security/proforma requests, submitted counterfeit proforma requests, and described non-existent elements as borrowers, CBI representative R K Gaur said.


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