Crore 411 rupee loan fraud: after defaulters flee India, SBI complains to CBI

Three Ram Dev International promoters, recently hired by the CBI for allegedly cheating a consortium of six banks for the sum of Rs 411 crore, have already fled the country before the State Bank of India reached the agency with the complaint officials said Saturday. .

The CBI had recently reserved the company dedicated to the export of Basmati rice to the countries of Western Asia and Europe and its directors Naresh Kumar, Suresh Kumar and Sangita based on a complaint from the State Bank of India (SBI), which suffered loss of more than Rs 173 crore, they said.

The company had three rice milling plants, plus eight grading and sorting units in the Karnal district with offices in Saudi Arabia and Dubai for commercial purposes, according to the OSE complaint.

In addition to SBI, other members of the consortium are Canara Bank, Union Bank of India, IDBI, Central Bank of India and Corporation Bank, they said.

The Central Bureau of Investigation (CBI) did not conduct a search on the matter due to the coronavirus-induced blockade, officials said.

The agency will begin the process of summoning the accused, in the event that they do not join the investigation, appropriate legal action will be initiated, they said.

According to the complaint filed by SBI, the account had become an unprofitable asset (NPA) on January 27, 2016.

The banks conducted a joint property inspection in August and October, nearly 7-9 months later, only to find the Haryana police security guards deployed there, they said.

“In an investigation, it has been noted that borrowers are escaping and have left the country,” the complaint stated on February 25, 2020, after more than a year that the account became NPA, officials said .

The complaint alleged that the borrowers had removed all the machinery from the old plant and falsified the balance sheets to make illegal profits at the expense of bank funds, he said.