OBC Fraud: Captain Amarinder's son-in-law booked for bank fraud case
OBC Fraud: Captain Amarinder son-in-law booked for bank fraud case: Deputy General Manager Gurpal Singh, the son-in-law of Punjab Chief Minister Captain Amarinder Singh has been booked by the Central Bureau of Investigation (CBI) for alleged bank loan fraud of Rs 97.85 crore and default of Rs 110 crore.
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.
According to the FIR filed by the CBI, there are two loans, both from the Oriental Bank of Commerce, under probe — a Rs 97.85 crore loan which was declared fraud in 2015, and a corporate loan of Rs 110 crore used to repay the previous loan.
The second loan was declared NPA (non-performing asset) on November 29, 2016, nearly three weeks after demonetisation of Rs 1,000 and Rs 500 notes was announced.
The agency also carried out searches at eight premises, including the residences of directors, factory, corporate office and registered office of the company in Delhi, Hapur and Noida on Sunday, said CBI spokesperson Abhishek Dayal.
According to the FIR, the Oriental Bank of Commerce sanctioned a loan of Rs.148.60 crore Simbhaoli Sugars in 2011.
“The loan was sanctioned for financing individual/ joint liability groups / self help groups / sugarcane farmers, as per a tie-up arrangement under an RBI scheme, to 5,762 sugarcane farmers supplying sugar produce to the said private company during the period from January 25, 2012 to March 13, 2012, which was dishonestly and fraudulently diverted by said company for its own needs,” said Dayal.
-PTC News
