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:

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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.

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