Central Bureau of Investigation (CBI) has lately booked three promoters of Ram Dev International. They are alleged of cheating a consortium of six Banks to an amount tantamount to Rs. 411 crore. The consortium included State bank of India, Canara Bank, Union Bank Of India, IDBI, Central Bank of India and Corporation Bank.
The accused had already fled the country before State Bank of India could raise a complaint. State Bank of India is an Indian multinational, public sector bank and financial services company.
The company, Ram Dev International was engaged in export of Basmati rice to West Asian and European countries. CBI Its Directors are Naresh Kumar, Suresh Kumar and Sangita. On the basis of the complaint file by SBI, which suffered a loss of more than Rs. 173 crore. According to the same Complaint, the account has turned into a non performing asset on 27 January, 2016.
The company owned three rice milling plants, eight sorting and grading units in Haryana’s Karnal District and several offices in Saudi Arabia and Dubai for trading purposes.
The coronavirus imposed nationwide lockdown acted as a hindrance in the investigation operations of Central Bureau of investigation. The officials said, “On inquiry, it has been come to notice that borrowers are absconding and have left the country.” The directors also allegedly showed disbursement of loan from the bank as capital infusion via circular movement of fund transfers, availed EPC disbursements against same security/proforma invoices, submitted fake proforma invoices and showed non existent entities as debtors told R.K. gaur, CBI spokesperson.