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Business

Haryana firm, 3 directors booked over Rs 100 cr loss to SBI

May 27, 2020 05:06 PM

NEW DELHI:The Central Bureau of Investigation (CBI), here on Wednesday, said it had registered a fresh case against Haryana-based Shakti Basmati Rice and its three directors for allegedly causing over Rs 100 crore loss to the State Bank of India (SBI).
The CBI said case was registered on the complaint received from the SBI against Shakti Basmati Rice its directors Shyam Lal, Praveen Kumar and Suresh Kumar, and also some unknown public servants.

According to the CBI, the accused, engaged in the manufacturing of grain mill products (rice), obtained credit facilities from the SBI's commercial branch in Karnal by misrepresenting facts.

"It was alleged the accused had cheated the bank by diverting the loan amount for introduction of share capital, inflating sale and purchase figures and devaluation or decrease of stocks to show losses by selling the stock out of books, " the CBI said.

The accused failed to repay the loan amount causing Rs 100.46 crore loss to the bank, it said.

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