Simbhaoli Sugars Limited has a CBI registered case. CBI registered a case against Simbhaoli Sugars on charges of causing a loss of about Rs110 crore to state-run Oriental Bank of Commerce.
Ghaziabad-based Simbhaoli Sugars Limited officials booked by the agency on charges of cheating, criminal conspiracy under section Prevention of Corruption Act.
Since, 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.
Though, OBC said the company dishonestly and fraud diverted the loan for its own needs. The account, according to the complaint, turned NPA on March 31, 2015. Hence, the bank classified the account as fraud on May 13, 2015. The amount of fraud was pegged at Rs 97.85 crore.
In addition to the existing NPA, it alleged. On January 28,2015 the bank sanctioned a corporate loan of Rs. 110 crore to the sugar company. It payed its outstanding loan of Rs 97.85 crore. On June 30, 2016 bank adjusted the total liability of the company.Therefore, it deposited for its new corporate loan.
On November 29,2016 the corporate loan turned NPA. It resulted in its first outstanding loan of Rs 97.85 crore. A fresh corporate loan of Rs.109.08 crore stands outstanding. On Sunday, the CBI conducted searches at eight premises, that included residences of company directors, its factories.
Additionally, the CBI conducted searches at other branches of the firm.The searches conducted residences of its bosses at six locations in New Delhi.
Final Words
In addition, (now booked) some bank officials got a loan worth Rs 110 crore sanctioned to Simbhaoli Sugar Mills. Hence, Previous dues settled.
Simbhaoli Sugar Company Limited is a well known company in Ghaziabad. Therefore, CBI investigating agency found some illegal thing happening in the company. So CBI booked a case against the company. Hence, its related to criminal conspiracy, cheating, forgery under Prevention of Corruption Act.
