Three promoters of Ram Dev International, recently booked by the Central Bureau of Investigation (CBI) for allegedly cheating a consortium of six banks to the tune of Rs 411 crore.
According to the complaint filed by SBI, the account had become non-performing asset (NPA) on January 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. The reason why it took 7 months to conduct non inspection not explained.
After 3 years “On inquiry, it has been come to notice that borrowers are absconding and have left the country,” the complaint filed on February 25, 2020, after over a year of account becoming NPA, the officials said.
The complaint alleged that borrowers had removed entire machinery from old plant and fudged the balance sheets in order to unlawfully gain at the cost of banks’ funds, it said.
But after 3 years the bank came aware the trios had fled the country and then State Bank of India officials then reached the CBI agency with a complaint, SBI officials said on Saturday.
The CBI had recently booked the company engaged in export of Basmati rice to West Asian and European countries and its directors Naresh Kumar, Suresh Kumar and Sangita on the basis of a complaint from SBI, which suffered a loss of more than Rs 173 crore, they said.
The Ram Dev International, company had three rice milling plants, besides eight sorting and grading units in Haryana’s Karnal district, besides offices in Saudi Arabia and Dubai for trading purposes, the SBI complaint said.
Besides SBI, other members of the consortium that had been cheated are Canara Bank, Union Bank of India, IDBI, Central Bank of India and Corporation Bank, Sources confirmed .
However The Central Bureau of Investigation (CBI) did not carry out any searches in the matter because of the coronavirus-induced lockdown, the officials said.
The agency will start the process of summoning the accused, incase they do not join the investigation, appropriate legal action will be initiated, Sources said.
It should be noted only earlier this week, the CBI had already registered a case against Ram Dev International Ltd., and its directors for allegedly cheating State Bank of India.