The Ghaziabad-based Simbhaoli Groups, under probe for cheating the Oriental Bank of Commerce (OBC) of Rs 109.08 crore, has allegedly duped another bank — Uttar Pradesh Cooperative Bank limited — of Rs 60 crore.
Turning a blind eye to the fact that the group had NPA worth Rs 152 crore, the bank lent another Rs 60 crore loan to one of the companies of the group. The complaint pertaining to the cooperative bank has been forwarded to Prime Minister Office.
The CBI has not yet filed any FIR into the matter even after questioning Gurpal Singh, the son-in-law of Punjab Chief Minister Amarinder Singh, and other managing directors of the company.
As per the document accessed, the cooperative bank had sanctioned Rs 152 crore to Simbhaoli Sugars, which turned NPA in April 2017. Interestingly, the cooperative bank sanctioned another loan of Rs 60 crore to Simbhaoli Power Private limited, a subsidiary company on February 8, this year.
The chairman of the Simbhaoli Groups of companies Gurmit Singh Mann runs various companies which include Simbhaoli Sugars limited, Simbhaoli Power Private limited, Dholadhar Developers Private limited, Integrated Casetech Consultants. Pvt ltd, Uniworld Sugars Pvt ltd and Dholadhar Investments Private limited.
The CBI booked Mann, the compnay’s chief executive officer Gurpal Singh, and 10 others and unknown bank officials in OBC bank fraud case filed last month.
The bank in the letter to the company stated, “a short-term cash credit limit of Rs 60 crore for working capital requirement has been sanctioned to your company against the stock of new material used for the production of power and power receivables from UPPCl for Calendar Year 2018.”
Also, the letter said, “All credit facilities will be secured by personal guarantee of Gurmit Singh Mann, chairman, and Gursimran Mann, director and MD, Simbhaoli Sugars. All facilities to be secured by hypothecation of book debts of the company as collateral security. The company has to repay 65 percent of maximum loan availed during 2018 on or before 31 December 2018. The company will ensure that the cash credit loan is utilised for the purpose for which it has been sanctioned.”