CBI books Karnal rice mill, 3 di­rec­tors

Hindustan Times (Jalandhar) - - NEWS -

NEW DELHI: 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.

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 Cen­tral Bureau of In­ves­ti­ga­tion (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. PTI

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