“The whole family is embroiled in scams”: Punjab CM’s kin booked by CBI

After Nirav Modi-PNB scam, the current scam that is circulating the media field is the loan fraud case of Oriental Bank. Here are the latest updates.

The Central Bureau of Investigation (CBI) has registered a case against Punjab Chief Minister Captain Amarinder Singh’s son-in-law in connection with an alleged bank fraud case against Simbhaoli Sugars Ltd on Monday.

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

The Oriental Bank of Commerce registered a case to CBI against the Ghaziabad-based company and others for defrauding the bank of Rs 109 crore.

The case was registered on Thursday, but Oriental Bank of Commerce had filed the complaint on November 17 last year. The bank had complained to the CBI on November 17, 2017, but the agency registered the case on February 22 this year.

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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.

In addition to the existing NPA worth Rs 97.85 crore, Oriental Bank sanctioned another corporate loan of Rs 110.00 crore to the company on January 28, 2015, to pay its outstanding loan of Rs 97.85 crore.

The bank adjusted the total liability of Rs 112,94,99,471 of the company on June 30, 2016, by way of deposit of this new loan, which turned NPA on November 29, 2016, resulting in its first outstanding loan of Rs 97.85 crore (as alleged fraud) and the corporate loan of Rs 109.08 crore (as fresh outstanding), according to the FIR.

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Besides, Gurpal Singh, the son-in-law of Amarinder 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 along with some unknown bank officials.

Meanwhile, Union Minister Harsimrat Kaur Badal has hit out at Chief Minister Amarinder Singh and the Congress.

“What do you expect from a Chief Minister who himself is embroiled in having black money abroad? The whole family is embroiled in scams. It isn’t surprising. Its old habit of Congress” said Harsimrat Kaur Badal.