New Delhi March 6 (IANS) The CBI on Tuesday grilled the CMD of Simbhaoli Sugars Ltd in its ongoing investigation into a Rs 109-crore loan default case involving the Oriental Bank of Commerce.
"We have grilled CMD Simran Kaur Mann of the Simbhaoli Sugars Ltd today (Tuesday) " a Central Bureau of Investigation (CBI) official said here.
On Thursday the agency had questioned the company s CEO G.S.C. Rao.
The CBI on February 22 booked Chairman Gurmit Singh Mann Rao CFO Sanjay Tapriya Executive Director Gursimran Kaur Mann and other company officials in connection with the bank fraud.
According to CBI officials a bank loan of Rs 148.60 crore was sanctioned in 2011 to the private company for financing individuals joint liability groups and self-help groups under a tie-up arrangement with a RBI scheme with regard to 5 762 sugarcane farmers supplying produce to the company from January 25 to March 13 2012.
The accused however allegedly diverted funds for personal use. The account turned a Non-Performing Asset (NPA) on March 31 2015 and finally the bank declared it a fraud on May 13 2015 involving Rs 97.85 crore.
In addition to the existing NPA as of March 31 2015 the bank under multiple banking arrangements sanctioned another corporate loan of Rs 110 crore to the sugar mill on January 28 2015 to repay its outstanding loan of Rs 97.85 crore and adjusted the total liability of Rs 112.9 crore of the company on June 30 2016 by way of deposit of this new corporate loan.
The corporate loan too turned into an NPA on November 29 2016.
The Enforcement Directorate has also registered a case on charges of money laundering against Simbhaoli Sugars Ltd s Gurpal Singh and 12 others including Mann Rao Tapriya Gursimran Kaur Mann and other company officials along with some bank officials.
--IANS
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