CBI books former CMD of UBI Archana Bhargava

NEW DELHI: The CBI has booked former Chairman and Managing Director of United Bank of India Archana Bhargava for amassing assets worth over Rs 3.6 crore allegedly disproportionate to her known sources of income.

The agency has alleged that during her tenure at various banks in senior positions between 2004 and 2014, Bhargava amassed assets worth Rs 4.89 crore and incurred an additional expenditure of Rs 1.47 crore against the income of Rs 2.73 crore.

In its FIR, the agency has pegged the alleged illegal assets at Rs 3.63 crore, 133.23 percent over and above her known sources of income.

NEW DELHI: The CBI on Thursday questioned Gurpal Singh, son-in-law of Punjab Chief Minister Amrinder Singh, in connection with the alleged bank fraud case of Rs 97.85 crore by Simbhaoli Sugars Limited.

The CBI had registered a case against the sugar mill, its Chairman Gurmit Singh Mann, Deputy Managing Director Gurpal Singh and others in connection with the alleged bank loan fraud case.

Simbhaoli Sugars Limited is one of the largest sugar mills in the country.

The company’s Chief Executive Officer G S C Rao, CFO Sanjay Tapriya, Executive Director Gursimran Kaur Mann and five non-executive directors have also been booked by the agency.

The CBI had carried out searches at eight premises including residences of the directors, factory, corporate office and registered office of the company in Delhi, Hapur and Noida.

The probe focuses on two loans -- Rs 97.85 crore which was declared fraud in 2015 and another corporate loan of Rs 110 crore which was used to repay the previous loan.

The second loan was declared Non Performing Asset (NPA) on November 29, 2016, nearly 20 days after scrapping of Rs 1,000 and old Rs 500 notes was announced, according to the CBI FIR.

The bank was allegedly cheated to the tune of Rs 97.85 crore, but the loss incurred by the bank is Rs 109.08 crore, the FIR read.

The lender, Oriental Bank of Commerce, complained to the CBI on November 17, 2017, but the agency registered a case of criminal conspiracy and cheating under the Prevention of Corruption Act on February 22.

According to the FIR, OBC sanctioned a loan of Rs 148.60 crore to the company in 2011.

The loan was sanctioned for financing 5,762 sugarcane farmers based on a tie-up agreement under an RBI scheme for supplying sugar produce to the company from January 25, 2012 to March 13, 2012.