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| ACB produces charge-sheet against 31 accused in Rice export India scam of Rs 1100 crore | | | Early Times Report
Jammu, June 29: Anti Corruption Bureau produced a charge sheet against Sandip Jhunjhunwala S/o Kailash Chander R/o W-25/C, Western Avenue, Sainik Farms, New Delhi Managing Director M/s REI Agro Limited, Mohd Yousaf Bhat the then Branch Head Mahim and other 29 accused persons before the Court of Special Judge Anti Corruption Jammu in 1100 Crore loan Scam.
A case FIR 24/2019 U/s 5(1)(d) r/w 5(2) of J&K P.C Act Svt 2006 and Sections 120-B, 467, 468, 471,420 /RPC was registered in Anti Corruption Bureau Jammu for allegedly sanctioning and disbursing Crop Loans to the tune of Rs. 400 crores, Term Loan Rs. 150 Crores from J&K Bank Branch Mahim and Bill Discounting facilities to the tune of Rs. 115 Crores from J&K Bank Vasant Vihar Branch in favour of M/s REI Agro Limited without tangible securities and in violation of banking norms.
The investigation conducted has revealed that M/s REI Agro Ltd is a Public Limited company having its registered office at Everest House 46-C, Chowringhee Road, Kolkata (W.B) but later on company shifted its registered office to District Rewari Haryana.
The company M/s REI Agro Limited was a purchaser and processor of basmati paddy in the country and for that purpose it used to avail Crop Loans from Banks and credit the same to the accounts of farmers/JLG groups (Joint Liability Groups) and obtain the paddy/paddy produce from them and after processing the paddy in the mill owned by the company, it was selling rice in the market to repay the loans so obtained.
Investigation has revealed that the company REI Agro Ltd its Chairman and Managing Director had no intention of repaying the loans to the bank. The sole purpose from the very beginning was to swindle the funds obtained.
Investigation conducted has revealed that while disbursing the above mentioned Crop loans sanctioned in favour of farmers/JLGs as suppliers of company the then Branch Head Mahim Mohd. Yousaf Bhat failed to ensure that the loan proceeds were to be disbursed to the individual farmers as prescribed in the sanction conditions and instead the payments were made in the accounts of various JLGs mentioned above thereby defeating the very purpose of the sanction meant for raising crops. Moreover the loans were disbursed in violation of the disbursement conditions as a result of it huge loss has been caused to the Bank. The accounts of the company have been classified as NPA by the Bank.
Besides this the company also availed Bill Discounting Facilities to the tune of Rs. 115 Crores from J&K Bank Branch Vasant Vihar in the year 2013. Under this facility J&K Bank has discounted Bills of identified Suppliers of M/s REI Agro Limited and the Bill could not be realized due to the fraud committed by the company with J&K Bank as well with other Banks. There was no genuine business of the company with the suppliers whose bills were submitted by the company for discount.
During investigation it has been established that the loans have been sanctioned with malafide intention in violation of banking norms in order to confer undue benefit upon the promoters of the company and JLGs.
Further investigation is in progress to locate the remaining JLGs and the involvement of the officials of this Zonal Office and Corporate Office of J&K Bank Mumbai & Srinagar in the grand of loan and bill discounting facilities in favor of the borrower which has resulted the accounts becoming NPA and the funds being siphoned out.
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