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

I am facing problems due to multiple raids Mehul Choksi to his employees

The case has been registered against the company - Dwarka Das Seth International Pvt Ltd - after the public sector bank filed a complaint with the CBI. The complaint was filed by the bank nearly six months back, however, the CBI registered a case on Thursday.

He said the promoter of Dwarka Das Seth International, who was booked by the CBI for an alleged fraud of Rs 389.85 crore towards Oriental Bank of Commerce, operated with the same modus operandi of fake LoUs as Nirav Modi. The bank claimed in its complaint that Dwarka Das Seth International enjoyed various credit facilities including foreign bill discounting under letters of credit (LCs).

This new bank fraud has surfaced after over Rs 10000 crore scam was unearthed at the Punjab National Bank (PNB), which involves celebrity jewller Nirav Modi, his family members and Mehul Choksi, owner of Gitanjali Gems.

Similarly on Wednesday, the CBI filed a case against businessman Amit Singla and others on a complaint of Bank of Maharashtra for securing a loan on false representation by forging documents and its criminal misappropriation and use.

Simbhaoli Sugars Limited is one of the largest sugar mills in the country.

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In the current FIR, CBI has actually declared that Oriental Bank of Commerce approved a loan totaling up to Rs 148.59 crore to Simbhaoli Sugars in December 2011 after the business approached it with a proposition for funding sugarcane farmers under the tie-up plan with the business (with an optimum limitation of Rs 3 lakh per farmer). "He had approached me for consultancy on taking loan". The loan turned into an NPA in 2013 and the bank even sold a property kept as collateral to recover its dues, sources said.

The account was declared NPA on March 31, 2015. This resulted in outstanding loan of Rs. 97.85 crore (as alleged fraud) and fresh corporate loan of Rs 109.08 crore. They then went missing, prompting banks to move the Debt Recovery Tribunal and also got some collateral assets liquidated.

According to a report, the Uttar Pradesh-based sugar distillery had recently reported a net loss of Rs 74.98 crore in the last quarter of 2017, which was followed by a loss of Rs 19.09 crore in the quarter that ended in December 2016.

The investigation agency has filed two FIRs against Inder Chand Chundawat, former senior branch manager at PNB's Barmer branch.

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