SBI Complains To CBI After Rs 411 Crore Loan Defaulters Flee Country
SBI Logo sits on the entrance of its Peddar Road branch, Mumbai, (Photograher: Anirudh Saligrama/ BloombergQuint)

SBI Complains To CBI After Rs 411 Crore Loan Defaulters Flee Country

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Three promoters of Ram Dev International, recently booked by the Central Bureau of Investigation for allegedly cheating a consortium of six banks to the tune of Rs 411 crore, fled the country before the State Bank of India lodged a complaint with the agency, officials said on Saturday.

The CBI had recently booked the company, which is engaged in export of Basmati rice to the West Asian and European countries, and its directors Naresh Kumar, Suresh Kumar and Sangita on the basis of complaint from the SBI. The bank suffered the loss of more than Rs 173 crore.

The company had three rice milling plants, besides eight sorting and grading units in Karnal district and offices in Saudi Arabia and Dubai for trading purposes, the SBI complaint said.

Besides SBI, other members of consortium are Canara Bank, Union Bank of India, IDBI, Central Bank of India and Corporation Bank, they said.

The CBI did not carry out any searches in the matter because of the coronavirus-induced lockdown, officials said.

The agency will start the process of summoning the accused. In case they do not join the investigation, appropriate legal action will be initiated, they said.

According to the complaint filed by SBI, the account had become non-performing asset on Jan. 27, 2016.

The banks conducted a joint inspection of properties in August and October, nearly 7-9 months later only to find Haryana Police security guards deployed there, they said.

"On inquiry, it has come to notice that borrowers are absconding and have left the country," the complaint filed on Feb. 25 said, after over a year of the account becoming non performing, the officials said.

The complaint alleged that borrowers had removed entire machinery from old plant and altered the balance sheets in order to unlawfully benefit at the cost of banks’ funds, the complaint said.

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