Wednesday, June 16, 2021
Home News Reports Capt Amarinder's son-in-law diverted money meant for farmers, loan turned NPA days after demonetisation...

Capt Amarinder’s son-in-law diverted money meant for farmers, loan turned NPA days after demonetisation – CBI FIR

Punjab CM Captain Amarinder’s son-in-law’s loan “scam” seems to be the gift which keeps on giving. Earlier today, the official twitter account of the Congress party on Monday attacked the Modi government for another “fresh banking scam” emerging under its watch. The link which Congress posted though mentioned that Gurpal Singh, who is one of the accused, is actually the son-in-law of Congress leader and current Punjab CM Amarinder Singh. Eventually Congress deleted the tweet.

The above though may be a minor embarrassment to the Congress as compared to the details of the alleged fraud. The party and its leader who project that they are “pro-farmer” as opposed to “suit boot ki BJP”, may find it tough to defend their position in this case.

The details of the loan “scam” are as below:

1. The CBI registered a case against Simbhaoli Sugars Limited, its Chairman Gurmit Singh Mann, Deputy Managing Director Gurpal Singh and others in connection with an alleged bank loan fraud of Rs 97.85 crore. Gurpal Singh is Capt Amarinder’s son-in-law.

2. The probe focuses on two loans taken by the company — Rs 97.85 crore which was declared fraud way back in 2015 and another corporate loan of Rs 110 crore which was used to repay the previous loan.

3. According to the FIR, Oriental Bank of Commerce (OBC) sanctioned a loan of Rs 148.60 crore to the company in 2011. The loan was sanctioned for financing 5,762 sugarcane farmers based on a tie-up agreement under an RBI scheme. According to an MoU, out of the price to be paid by Simbhaoli Sugars Limited to the farmers, loan liabilities were to be adjusted and the remaining amount was to be paid by the company to the growers.

4. CBI spokesperson Abhishek Dayal claims that the loan money was “dishonestly and fraudulently diverted by the company for its own needs”

5. The account turned NPA on March 31, 2015 and was declared alleged fraud by the bank to RBI on May 13, 2015 for an amount of Rs 97.85 crore.

6. OBC has alleged that in addition to the above NPA, the bank, under multiple banking arrangements, sanctioned another corporate loan of Rs 110 crore to the company on January 28, 2015 to pay its outstanding loan of Rs 97.85 crore.

7. The CBI FIR states that the second loan was declared NPA on November 29, 2016, within 20 days of demonetisation

Thus, via the first loan, Capt Amarinder’s son-in-law’s company is alleged to have siphoned off money meant for farmers, and the second loan taken to repay the first, became an NPA within 20 days of demonetisation.

Based on the above,  the CBI has invoked sections dealing with criminal conspiracy, cheating and provisions of Prevention of Corruption Act against the accused. It has also carried out searches at eight premises, including the residences of directors, factory, corporate office and registered office of the company in Delhi, Hapur and Noida on Sunday.

Both the above loans can prove to be a major source of embarrassment for Congress. Firstly, the CBI alleges that farmer’s money was swindled, and secondly, one of the loans failed within days of demonetisation, which Rahul Gandhi and Congress claim had no impact on crooks. For the time being, Gurpal Singh has followed in the foot-steps of another infamous Congress son-in-law.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Related Articles

Trending now

BJP MLA files complaint against Rahul Gandhi, Asaduddin Owaisi, Swara Bhasker seeking FIR under NSA for trying to instigate communal riots using fake news

Loni MLA Nand Kishor Gurjar said Rahul Gandhi and others were trying to create communai riots by blaming Hindus for the Loni assault case

Did a journalist inadvertently end up revealing real reason why Rahul Gandhi ended his West Bengal rallies?

COVID-positive Rahul Gandhi cancelled his public rallies in West Bengal, but did not disclose it while announcing the same. He, instead, claimed it was being done in view of raging pandemic.

Greta Thunberg-inspired student climate activist group in New Zealand disbands itself for being ‘racist and white-dominated space’

School Strike 4 Climate Auckland said that they have turned white dominated racist group that ignored BIPOC voices and demands

‘Celebrities project themselves as messiahs’: Bombay HC orders probe on how Sonu Sood obtained Covid-19 drugs

The AG said that Sonu Sood received the anti-Covid drugs from several pharmacies located inside Lifeline Care Hospital in Goregaon.

Prices of key commodities come down, edible palm oil down by 19% while pulses see a drop in prices by 8%

The government apart from considering reducing taxes on vegetable oil imports after cooking oil prices hit record highs last month, is also working at promoting domestic production of oil crops.

Congress student body NSUI expels 7 leaders for posting ‘Jai Shri Ram’ on official WhatsApp group, says it is ‘anti-party activity’

7 NSUI leaders in East Singhbhum unit in Jharkhand expelled by the organisation for posting ‘Jai Shri Ram’ on official WhatsApp group

Recently Popular

Salman Khan’s ‘Radhe – Your Most Wanted Bhai’ earns Rs 17,792 over three days from two theatres in Maharashtra: Details

Citing low occupancy, the theatres screening Salman Khan starrer Radhe: Your Most Wanted Bhai have reduced number of its daily shows

As Yogi Sarkar lodges FIR against Twitter, 8 others, Alt News co-founder Zubair deletes fake hate crime video: Details

The UP Govt has initiated action against Twitter for failing to take down tweets that spread misinformation about a crime in the state.

Here is the truth about the land deal by Ram Janmabhoomi Teerth Kshetra and how the allegations by likes of AAP are baseless

Shri Ram Janmabhoomi Teerth Kshetra and its head Champat Rai bought an additional piece of land for the purposes of additional construction to facilitate pilgrims who would be travelling to Ayodhya

Virtual hearing embarrassment: Congress leader Abhishek Manu Singhvi caught attending the court proceedings without pants

Abhishek Manu Singhvi was caught attending court proceedings in boxer shorts when one of the screens accidentally fell off and showed the naked legs of the senior advocate

Nikhil Kamath disregarded Viswanathan Anand’s request to not use his name in public communication after cheating, says grandmaster’s wife

Zerodha co-founder Nikhil Kamath recently apologised for using unfair means to defeat Chess grandmaster Vishwanathan Anand

British Pakistani rapper Frenzo Harami spews venom on Hindus. Here is what we know about him

Pakistan-born British rapper, who used to sell drugs before becoming a rapper, spoke the language of terrorists, used Gaumutra jibe
- Advertisement -

 

Connect with us

255,564FansLike
553,762FollowersFollow
24,400SubscribersSubscribe