Punjab CM's Son in-Law Among 13 Booked for Bank Fraud Case

Yet another bank loan fraud surfaces

Yet another bank loan fraud surfaces

Simbhaoli Sugars Limited, which is listed with the Bombay Stock exchange, is being alleged of cheating OBC of Rs.109 crore, a sum taken on the pretext of financing sugarcane farmers.

Over the last 10 days, the CBI has filed more than seven cases on complaints filed by banks, including Punjab National Bank, State Bank of India, Oriental Bank of Commerce, Bank of Maharashtra and Telangana Grameena Bank. Earlier, CBI sat on OBC's complaint in Dwarka Das case for six months.

Ghaziabad-based Simbhaoli Sugars, its directors, CEO, CFO, unknown bank officials and other private persons have been booked by the agency on charges of cheating, criminal conspiracy and under sections of the Prevention of Corruption Act. The loan was sanctioned according to a Reserve Bank of India Scheme to around 5,700 farmers supplying sugar to the company.

Eric Greitens Resigns From Republican Governors Association
A spokesperson for the Circuit Attorney's office says they have used external people to help with investigations in the past. In the audio, the woman says she told Greitens she was angry about the picture and Greitens told her he deleted the photo.

Simbhaoli Sugars is one of the country's largest sugar refinery companies. However, the sugar company diverted the amount for other purposes, The Hindu reported.

It ended up that Simbhaoli provided incorrect KYC certificates in the names of farmers.

The recent incident which gained light and is still coming up with new revelations, Nirav Modi, the celebrated jewellery designer who has dominated the news in India, has been accused by PNB (Punjab National Bank) which has alleged Modi and his uncle Mehul Choksi, and other family members along with their related companies of fraudulent transactions worth nearly $2 billion. This way, OBC claimed, Simbhaoli Sugars has misappropriated the money lent by it and "there is clear cut division of funds". This resulted in outstanding loan of Rs. 97.85 crore (as alleged fraud) and fresh corporate loan of Rs 109.08 crore. The bank had also sanctioned a corporate loan of Rs 110 crore to the company in January 2015 to pay off its outstanding loan, which also turned into a non-performing asset in November 2016.

U.S. oil price declines ahead of data
Traders are saying a firmer dollar is outweighing a private report of a decrease in US crude inventories. For the week, the USA crude contract rose 4.2% after losing almost 10% the previous week.

The agency 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, said CBI spokesperson Abhishek Dayal.

A probe has been launched in two loans - Rs 97.85 crore, which was declared fraud in 2015, and another corporate loan of Rs 110 crore, which was used to repay the previous loan.

2.4 inches snow fell Thursday; 4-8 coming Saturday
However, the Weather Service cautioned that there remains some uncertainty in the exact location and timing of the heaviest snow. Saturday: Increasing clouds, 30% chance of light snow or mixed snow and rain south of Wausau during the late afternoon.

Recommended News

  • BC, Alberta stand-down may turn out to be a brief truce

    BC, Alberta stand-down may turn out to be a brief truce

    The $7.4-billion Kinder Morgan Canada project has faced delays despite the federal approval. Notley said she felt Horgan had blinked but some say the blink was kind of squinty-eyed.
    Manchester United v Chelsea Preview

    Manchester United v Chelsea Preview

    Manchester United's only victory in the past 14 meetings in all competitions came at home in the league last season (D5, L8). United take on Chelsea this weekend at Old Trafford, where Pogba will be hoping to impress.
    Ramaphosa Takes Tax Gamble as South Africa Targets Debt, Ratings

    Ramaphosa Takes Tax Gamble as South Africa Targets Debt, Ratings

    Gigaba had to sell tax hikes, for VAT, personal income tax, the fuel levy and sin taxes, with questions mounting about his credibility.
  • Driver Intentionally Crashes Car Into Middletown Hospital

    Driver Intentionally Crashes Car Into Middletown Hospital

    Images from the scene showed a silver vehicle with smashed windshields resting inside the building and the entrance demolished. Twenty-seven-year-old Steven Ellam , of Middletown , was listed in critical condition at Bridgeport Hospital.
    CDC panel: FluMist spray vaccine is OK next season

    CDC panel: FluMist spray vaccine is OK next season

    Lab-confirmed cases of influenza declined last week, however, from 973 cases to 721 - following two weeks on increases in cases. It's been off the US market since then, although it is still used in other countries, including Canada and the European Union.
    Trump Threatens to Pull ICE Out of 'Sanctuary State' California

    Trump Threatens to Pull ICE Out of 'Sanctuary State' California

    Last month, a Palestinian man who had been living in the USA for 39 years was deported, despite a request from the House Judiciary Committee that his case be reviewed.
  • US Tennis Association 'mostly liable' in Bouchard fall

    US Tennis Association 'mostly liable' in Bouchard fall

    Bouchard was also still able to drum up endorsement money, in large part due to her aggressive social media presence, he said. Benedict Morelli, Bouchard's lawyer, said: "When people attack you and attack your name, you get affected by that".
    LG G6 and V30 Are Getting Upgraded to Android 8.1 Oreo

    LG G6 and V30 Are Getting Upgraded to Android 8.1 Oreo

    He said the Android Go devices based on Oreo will be up for purchase after the official announcement which is happening next week. The Bharat Go phone is expected to retail at about INR 2 ,000, but details about the specs and features remain unknown.
    NCDHHS: 27 more flu deaths, 200 so far this season

    NCDHHS: 27 more flu deaths, 200 so far this season

    While the flu shot doesn't always prevent the flu, it can minimize the symptoms and help folks recover more quickly. However, the department's report also says overall cases of influenza-like illness decreased last week.
  • White House takes cautious approach on North Korea overeture

    White House takes cautious approach on North Korea overeture

    Kim Yong-chol brought Choe Kang Il, deputy director of the United States affairs division in North Korea's foreign ministry. They did not appear to interact when Jae-in shook hands with dignitaries at the beginning of Sunday's closing ceremony .
    Trump announces 'largest ever' set of sanctions against North Korea

    Trump announces 'largest ever' set of sanctions against North Korea

    Expectations were high that the US would go beyond its incremental approach toward pressuring the North Korean regime. North Korea is known to use the profits from its coal exports to finance its weapons programs, according to Treasury.
    Sony's MWC 2018 Event is Live February 26

    Sony's MWC 2018 Event is Live February 26

    With its modern design, the front side of the XZ2 will offer a larger screen-to-body ratio than any previous Xperia phone. Moreover, while both these devices come with flagship chip under the hood, they only sport a single camera at the back.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.