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  1. Another bank fraud? Punjab CM’s son-in-law booked for case against Simbhaoli Sugars Ltd

Another bank fraud? Punjab CM’s son-in-law booked for case against Simbhaoli Sugars Ltd

This comes amidst the multi-crore Punjab National Bank (PNB) fraud scam involving diamond czar Nirav Modi is making the headlines. Notably, Simbhaoli Sugars Ltd is considered as one of the largest sugar mills in the country.

By: | New Delhi | Updated: February 26, 2018 3:54 PM
AMARINDER SINGH SON IN LAW IN BANK FRAUD SCAM CM Amarinder’s son-in-law Gurpal Singh is the Deputy General Manager of the Simbhaoli Sugars Ltd.

In a shocking development, Punjab Chief Minister Captain Amarinder Singh’s son-in-law has been named in a case registered by Central Bureau of Investigation (CBI) in connection with reported bank loan fraud of Rs 97.85 crore and default of Rs 110 crore. The case has been filed against the officials Simbhaoli Sugars Ltd. CM Amarinder’s son-in-law Gurpal Singh is the Deputy General Manager of the Simbhaoli Sugars Ltd. This comes amidst the multi-crore Punjab National Bank (PNB) fraud scam involving diamond czar Nirav Modi is making the headlines. Notably, Simbhaoli Sugars Ltd is considered as one of the largest sugar mills in the country.

In the FIR, CBI has mentioned about two loans. These two loans, which are under scanner, involve the Oriental Bank of Commerce. Of the two loans, one is a Rs 97.85 crore. This loan was declared fraud in 2015. Another loan is a corporate which is Rs 110 crore that was used to repay the previous loan. It has been learnt that the corporate loan was declared non-performing asset on November 29, 2016 aftermath of Prime Minister Narendra Modi’s much-talked about demonetisation move. The bank had lodged a complaint with the CBI on November 17, 2017. The case was registered by the CBI on February 22 this year, according to reports.

Apart from, Amarinder’s son-in-law, 12 other officials of Simbhaoli Sugars Ltd were named in the FIR. The company officials involve CEO, Chairman, Executive Director and CEO. Searches were conducted by the CBI at eight premises. The premises include corporate office, registered office of the company, factory and directors’ residences.

Earlier in January, Punjab Power and Irrigation minister Rana Gurjit Singh had to resign after he was allegedly involved in sand mining auctions. Gurjit Singh was elected as an MLA from Kapurthala.

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