When sugar turned bitter

Punjab CM’s kin among officials of sugar mill booked for alleged bank loan fraud and default

GN Bureau | February 26, 2018


#Simbhaoli Sugars Ltd   #Sugar   #Captain Amarinder Singh   #Bad Loan  


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.
 

Comments

 

Other News

₹10 lakh penalty on Ola for pre-ride ‘tip’ feature

The Central Consumer Protection Authority (CCPA) has imposed a penalty of ₹10 lakh on ANI Technologies Private Limited, which operates the ride-hailing platform Ola, for soliciting additional payments from consumers before completion of their journeys through its pre-ride ‘tip’/‘add-o

Retail inflation crosses 6% mark

Retail inflation based on Consumer Price Index for October has reached 6.09%, whereas year-on-year food inflation, based on Consumer Food Price Index, for October is 8.94%, an official release said on Thursday.   Year-on-year inflation rate based on All India Consumer Price I

Cabinet approves museum at North-South Block complex

The Cabinet Committee on Economic Affairs, chaired by prime minister Narendra Modi, on Wednesday has approved the development of the Yuge Yugeen Bharat Museum (YYBM) at the North and South Block Complex, New Delhi, at an estimated total project cost of ₹3,230 crore, as appraised by the Public Investmen

Cabinet approves extension of Noida metro corridor

The Union Cabinet, chaired by prime minister Narendra Modi, has approved the extension of Aqua Line Metro Rail Corridor from Noida Sector-51 to Greater Noida Sector-04 of Noida Metro Rail Project with corridor for a length of 8.449 km with 5 elevated stations. On operationalization of this corridor, Noid

India reaffirms commitment to climate multilateralism

India has reaffirmed its commitment to climate multilateralism and the principles of Equity and Common But Differentiated Responsibilities and Respective Capabilities (CBDR-RC), calling for a fair, equitable and ambitious outcome at the 31st Conference of the Parties (COP31) to the United Nations Framewo

How the mind can help the body heal itself

Why do some people recover from illness against all odds? Can our beliefs, emotions and consciousness influence the body’s ability to heal? Drawing on over three decades of experience in medicine, research and medical innovation, internationally trained ophthalmologist and author Dr Dinesh Verma ex

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter