ED registers case against Simbhaoli Sugars' chairman Gurmit Singh Mann and others for bank loan default
New Delhi, Mar 1 (IBNS): The Enforcement Directorate (ED), on Thursday, registered a case against Simbhaoli Sugars' chairman Gurmit Singh Mann and others in connection with a loan default case, according to media reports.
The media quoting ED officials said that the agency carried out searches on Wednesday in Uttar Pradesh's Hapur and Ghaziabad and allegedly recovered some incriminating documents during the searches.
In February end, Mann and others, including Punjab Chief Minister Captain Amarinder Singh's son-in-law Gurpal Singh, were booked by the Central Bureau of Investigation (CBI) for alleged involvement in the Oriental Bank of Commerce scam by the Simbhaoli Sugars Pvt. Ltd. media reports said.
Gurpal Singh was among the 13 people who were booked for a loan fraud of Rs. 97.85 crore and a default of Rs. 110 crore.
Though the bank had brought the issue to the CBI's notice in November last year, the investigating agency registered a case only on February 22.
Apart from Gurpal Singh and Gurmeet Singh Mann, CEO G S C Rao, CFO Sanjay Tapria, Executive Director Gursimran Kaur Mann were among those booked by the CBI.
According to the FIR, the Oriental Bank of Commerce had sanctioned Rs. 148.60 crore to Simbhaoli Sugars Ltd back in 2011.
While the bank declared a fraud of Rs. 97.85 crore, the actual loss had amounted to 109. 08 crore.
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