Besides Gurpal Singh, the CBI has booked 12 others, including Simbhaoli Sugars' Chairman Gurmit Singh Mann, CEO G S C Rao, CFO Sanjay Tapriya, Executive Director Gursimran Kaur Mann and other company officials as well as unknown bank officials.
Officials said that the bank sanctioned a loan amounting to Rs 148.60 crore in 2011 to the private company for financing individuals, Joint Liability Groups and Self-Help Groups under the tie-up arrangement under the RBI Scheme to 5,762 sugarcane farmers supplying sugar produce to said private company during the period from January 25 to March 13, 2012.
Simbhaoli Sugars Limited, which is listed with the Bombay Stock exchange, is being alleged of cheating OBC of Rs.109 crore, a sum taken on the pretext of financing sugarcane farmers.
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.
The loan amount was then converted into a non-performing asset on March 31, 2015. It was later declared by the bank as an alleged fraud of Rs. 97.85 crore. As per media reports, CBI spokesperson quoted that searches are being conducted at eight premises including residences of Directors, factory, corporate office and registered office of the company in Delhi, Hapur, and Noida.
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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.
The case of loan fraud against comes at a time when the banking sector reels under pressure from Rs 11,400 crore fraud in Punjab National Bank (PNB), involving allegedly by Mumbai-based diamond jeweller Nirav Modi and his uncle Mehul Chowksi.
A probe has been launched in two loans - Rs 97.85 crore, which was declared fraud in 2015, and another corporate loan of Rs 110 crore, which was used to repay the previous loan. "The company has committed breach of terms of MoU and diverted funds for purposes other than that agreed upon between the company and our bank", the OBC said.
Surprisingly, in addition to existing NPA, OBC, under several banking plans approved another business loan of Rs 110 crore to Simbhaoli In January 2015 to pay its exceptional loan of Rs 97.85 crore.