The CBI has charged them with legal conspiracy and dishonest. Gurpal Singh, one of many deputy administrators, is married to Captain Singh’s daughter Jai Inder Kaur. Gurpal Singh is on the board of administrators of eight corporations in whole.
Simbhaoli Sugars Restricted was granted a mortgage of round Rs 150 crore in 2011, to finance over 5,700 sugarcane farmers beneath a Reserve Financial institution of India (RBI) scheme. The cash, meant for farmers, was obtained between January and March 2012, however by no means reached them. It was allegedly diverted to the corporate account, CBI officers stated. The account was declared a non-performing asset (NPA) in March 2015, and a fraud in June 2015.Nonetheless, months earlier than the account was declared an NPA, the identical financial institution financed one other mortgage of Rs 110 crore to the sugar firm beneath a number of banking preparations to pay again the sooner mortgage. The second company mortgage, too, was declared an NPA in November 2016.
The Oriental Financial institution of Commerce registered a grievance towards Simbhaoli Sugars Restricted in November final yr. The CBI, nevertheless, registered an FIR on Thursday. The company raided eight areas associated to the corporate on Sunday, together with six in Delhi and one every in Hapur and Noida.