Punjab CM’s kin among officials of sugar mill booked for alleged bank loan fraud and default
GN Bureau | February 26, 2018
Gurpal Singh, son-in-law of Punjab chief minister Captain Amarinder Singh, is among the top officials of Simbhaoli Sugars Ltd who have been booked for alleged bank loan fraud of Rs 97.85 crore and default of Rs 110 crore, a media report said.
The bank loan fraud and default at Simbhaoli comes close on the heels of fraud worth Rs 11,000 crore detected at a branch of the Punjab National Bank involving billionaire jeweller Nirav Modi and Rotomac pen owner Vikram Kothari being taken into custody in connection with Rs 3,695 crore loan default case.
Established in 1933 by Raghbir Singh Sandhanwalia, Simbhaoli Sugars was amongst the first sugar plants to be set up in north India. Three sugar complexes - Simbhaoli (western Uttar Pradesh), Chilwaria (eastern Uttar Pradesh) and Brijnathpur (western Uttar Pradesh) have an aggregate crushing capacity of 20,100 tons of cane per day.
According to the FIR filed by the CBI, there are two loans, both from the Oriental Bank of Commerce, under probe — a Rs 97.85 crore loan which was declared fraud in 2015, and a corporate loan of Rs 110 crore used to repay the previous loan. The second loan was declared NPA (non-performing asset) on November 29, 2016, nearly three weeks after demonetisation of Rs 1,000 and Rs 500 notes was announced, reported Indian Express HYPERLINK http://indianexpress.com/article/india/punjab-cm-amarinder-singhs-son-in-law-among-13-booked-for-bank-fraud-simbhaoli-sugars-5078212/
The CBI has booked Gurpal Singh, Simbhaoli Sugars’ chairman Gurmit Singh Mann, CEO G S C Rao, CFO Sanjay Tapriya, executive director Gursimran Kaur Mann and other company officials as well as unknown bank officials. The sleuths carried out searches at eight premises.
After extending timings of shops and restaurants as well as the reopening of cinema halls and theatres under specified SOPs from October 22, in view of the festive cheer, the Maharashtra government has allowed restaurants and eateries to remain open till 12AM and shops and establishments to function till 1
Rubbishing the recently released Global Hunger Index 2021, wherein India has slipped to 101 position to be placed below Pakistan, Nepal and Bangladesh, Arvind Panagariya, professor of economics at Columbia University and former vice chairman, NITI Aayog, has said that data collection and methodologies used
A long life span free from diseases and disability, the so-called healthy aging, has been a matter of prime interest to humanity. It is widely held that the life expectancy is a function of interplay between various genetic and environmental factors. There is scientific evidence to support the fact that on
Defence minister Rajnath Singh’s statement, that Mahatma Gandhi had asked V.D. Savarkar to file a mercy petition before the British, has ignited a debate. Vikram Sampath, a historian and author of a recent biography of Savarkar, says two weeks after Jawaharlal Nehru was lodged in Nabha jail, his
The launch of the Gati Shakti master plan will be a booster dose for India growth story. The plan, as the name indicates, will ensure Gati, i.e., speed and Shakti, i.e., empowerment to the ₹1 trillion national infrastructure pipeline. The plan will break inter-ministerial silos. For examp
Hitting back at the central government in a strongly worded attack, Nationalist Congress Party (NCP) chief Sharad Pawar has said Bhartiya Janata Party is misusing central investigative agencies for political benefits. “Central agencies including ED, CBI and NCB are being used for polit