Simbhaoli Sugars plunges 20% after CBI files fraud case; OBC down 9%

26 February, 2018, 10:21 | Author: Teresa Adams
  • Over the last 10 days the CBI has filed more than seven cases on complaints filed by banks including Punjab National Bank State Bank of India Oriental Bank of Commerce Bank of Maharashtra and Telangana Grameena

The CBI registered loan default case against Simbhaoli Sugars Ltd, a Uttar Pradesh based sugar company, for allegedly causing loss of Rs109cr to Oriental Bank of Commerce, as per media reports.

The police has registered a case against several top officials of Simbhaoli Sugar, including its chairman and managing director, chief executive and chief financial officer, some unknown bank officials, and other private persons.

The bank said it had sanctioned a loan of Rs 148.60 crore to the company in 2011, under an RBI scheme for financing individual/joint liability groups (JLG)/self help groups (SHG)/of 5,762 sugarcane farmers, supplying sugar produce to the company between January 25 and March 13, 2012. This resulted in outstanding loan of Rs. 97.85 crore (as alleged fraud) and fresh corporate loan of Rs 109.08 crore.

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Once again, like Dwarka Das scams, CBI did not act upon OBC's problem for 3 months in Simbhaoli's scams although the bank approached the main company asking to sign up a case on November 17, 2017. According to the FIR lodged by the CBI, there are two loans which are under investigation and both of them are from the same bank, the Oriental Bank of Commerce-Rs 97.85 crore loan which was declared in 2015, and a corporate loan of Rs 110 crore which was used to repay the previous loan.

On May 13, 2015, the bank declared it as loan fraud of Rs 97.85 crore to the Reserve Bank of India.

It turned out that Simbhaoli issued improper KYC certificates in the names of farmers. It is alleged that the funds so raised were fraudulently diverted by the company for its needs. This way, OBC claimed, Simbhaoli Sugars has misappropriated the money lent by it and "there is clear cut division of funds".

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The OBC adjusted the total liability of Rs 112,94,99,471 of the company on June 30, 2016 by way of deposit of this new corporate loan.

In March 2015, the loan amount of Rs 148.59 crore to Simbhaoli Sugars was declared as a non-performing asset (NPA) and a fraud in May 2015 for an outstanding amount of Rs 97.85 crore.

OBC alleged that in addition to the existing NPA, the bank, under multiple banking arrangements, sanctioned another corporate loan of Rs 110 crore to the company on January 28, 2015 to pay its outstanding loan of Rs 97.85 crore.

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