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The State Bank of India filed a complaint with the Central Bureau of Investigation (CBI) against a Delhi-based basmati rice export company, alleging that its promoters, who misled a consortium of six banks for Rs 414 crore, they are missing and fled the country.
The owners of Ram Dev International Limited are said to have been missing since 2016 when the SBI conducted an inspection.
The central agency registered a case on April 28 naming the owners (Suresh Kumar, Naresh Kumar and Sangita) and surveillance circulars (LOC) have been issued against them.
According to the 2018 National Court of Commercial Law (NCLT) order, the promoters were reported to have fled to Dubai.
The company’s loans were classified as nonperforming assets (NPA) in 2016. The bank filed a complaint with the agency in February this year after a four-year delay.
A special audit revealed that borrowers falsified accounts, falsified balance sheets, and unauthorized removal of the plant and machinery to illegally earn at the expense of bank funds.
The banks’ exposure was Rs 414 crore: Rs 173 crore from the SBI, Canara Bank Rs 76 crore, Union Bank of India Rs 64 crore, Central Bank of India Rs 51 crore, Corporation Bank Rs 36 crore and IDBI Bank Rs 12 crore.
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