CBI Books Karnal-based Rice Mill, Three Directors for Cheating SBI of Over Rs 100 Crore

The CBI has booked Karnal-based Shakti Basmati Rice Pvt Ltd and its three directors for allegedly cheating the State Bank of India (SBI) to the tune of over Rs 100 crore, officials said on Wednesday.

SBI in its complaint to the Central Bureau of Investigation (CBI) has alleged that along other activities to cheat the bank, the company also did round tripping of Rs 168 crore, which was 40 per cent of its sales.

The bank in its forensic audit had found that the company made payment to one party and the same amount was received by it from another party to inflate sales and purchases by the company, the officials said.

Directors Shyam Lal, Parveen Kumar and Suresh Kumar allegedly obtained credit facilities from the SBI’s commercial branch in Haryana’s Karnal by misrepresentation of facts, a CBI spokesperson said.

The company, which manufactured grain mill products (rice), allegedly diverted the loan amount for introduction of share capital, inflated the sale and purchase figures, and devalued stocks to show losses to justify diversion of funds by selling stock out of books, the officials said.

The company allegedly failed to repay the loan amount resulting in the loss of Rs 100.46 crore to the bank.

The agency has also booked unnamed public servants in the case, the officials said.

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