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The State Bank of India (SBI) filed a complaint with the Central Bureau of Investigation (CBI) against a Delhi-based Basmati export company, alleging that its promoters, who misled a consortium of six banks for Rs 414 crore They are missing and have fled the country.
According to the complaint, seen by HT, the owners of Ram Dev International Limited (RDIL) are said to have been missing since 2016, when the SBI conducted an inspection.
The central agency recorded a case on April 28 naming the owners (Suresh Kumar, Naresh Kumar and Sangita) and surveillance circulars were issued against them, a procedure followed in all bank fraud cases.
In accordance with the procedures of the National Company Law Tribunal (NCLT) in 2018, in which RDIL was dragged to court by a company called Mussadi Lal Krishna Lal for non-payment, he was informed that the promoters had fled to Dubai.
Despite the fraud detected in 2016, SBI, the leading bank in the consortium, approached CBI in February this year with a delay of four years.
An SBI spokesperson did not respond to HT’s phone calls and text inquiries. RDIL representatives could not be tracked by HT.
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.
Indian agencies, including the CBI, the Enforcement Directorate and the Revenue and Intelligence Directorate (DRI), are currently targeting some 50 fugitives, mostly economic criminals, living abroad, through red notices, requests for extradition and watch circular (LoC).
Some of the big names include Vijay Mallya, Nirav Modi, Neeshal Modi, Mehul Choksi, Nitin and Chetan Sandesara, Lalit Modi, and European intermediaries Guido Ralph Haschke and Carlo Gerosa.
The government had informed Parliament last year that at least 16 extradition requests were pending in the United Arab Emirates, the United Kingdom, Belgium, Italy, Egypt, the United States, and Antigua and Barbuda against several accused persons.
According to CBI FIR, reviewed by HT, RDIL was engaged in exporting basmati rice to countries in the Middle East, Arabia and Europe from its three factories based in Karnal, Haryana. It has a registered office in Delhi and branches in Riyadh of Saudi Arabia and Dubai in the UAE as well.
The company’s loan account became an unprofitable asset (NPA) in January 2016, after which a joint property inspection was conducted the same year in August and October.
It was discovered that “all the machinery installed in the previous unit was removed by the borrowers. Borrowers were not available at the time of the joint inspection and Haryana police security guards were found deployed there, “according to the OSE complaint, which is now part of CBI’s first information report (FIR).
“In the investigation, it has become known that the borrowers are escaping and have left the country,” he added.
The FIR states that the accused developers forged the accounts, falsified the balance to illegally win at the expense of bank funds, and unauthorized removal of the plants and machinery from the factory premises without the consent of the lenders.
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