After four years of its borrowers remaining missing, the State Bank of India (SBI) has filed a complaint with the Central Bureau of Investigation (CBI) against the Ram Dev International Ltd accusing it of defrauding the bank to the tune of Rs 173 crore.
Three promoters of Ram Dev International, recently booked by the CBI for allegedly cheating a consortium of six banks to the tune of Rs 411 crore, have already fled the country.
The CBI had recently booked the Delhi-based company –engaged in export of Basmati rice to the West Asian and European countries — and its directors Naresh Kumar, Suresh Kumar and Sangita on the basis of complaint from the SBI.
A CBI spokesperson had last week said that the case was registered against Ram Dev International Ltd having a registered office at Rohini, New Delhi.
The official said that agency booked them for cheating and fraud on a complaint from the SBI that the accused cheated its Karnal Branch and caused loss of Rs 173.11 crore by way of unauthorized removal of machinery from a factory premises that was hypothecated to the bank, showing disbursement of bank loan as capital infusion via circular movement of fund transfers, availing EPC disbursements against same security/ pro forma invoices, submission of fake pro-forma invoices and showing non-existent entities as debtors.
Meanwhile, the SBI complaint said that the company had three rice milling plants, besides eight sorting and grading units in Karnal district with offices in Saudi Arabia and Dubai for trading purposes,
Besides SBI, other members of consortium are Canara Bank, Union Bank of India, IDBI, Central Bank of India and Corporation Bank, CBI officials said.
The CBI did not carry out any searches in the matter because of the coronavirus-induced lockdown, the officials said.
The agency will start the process of summoning the accused, in case they do not join the investigation, appropriate legal action will be initiated, they said.
According to the complaint filed by SBI, the account had become non-performing asset (NPA) on January 27, 2016.
The banks conducted a joint inspection of properties in August and October, nearly 7-9 months later only to find Haryana Police security guards deployed there, they said.
“On inquiry, it has been come to notice that borrowers are absconding and have left the country,” the complaint filed on February 25, 2020, after over a year of account becoming NPA, the officials said.
The complaint alleged that borrowers had removed entire machinery from old plant and fudged the balance sheets in order to unlawfully gain at the cost of banks’ funds.
(With agency inputs)