CBI quizzes Simbhaoli Sugars MD

NEW DELHI: The Central Bureau of Investigation on Tuesday questioned Gursimran Kaur Mann, managing director of Simbhaoli Sugars Limited in connection with its probe related to alleged fraud worth Rs 109 crore committed by the company with the Oriental Bank of Commerce in 2011 on the pretext of financing sugarcane farmers.
Sources said that Gursimran Kaur Mann looks after Simbhaoli's commercial, marketing, trading, legal, operations, sales domestic, international and trading business and all other operations along with the company’s joint venture businesses.
Last week, CBI had questioned Punjab chief minister Captain Amarinder Singh’s son-in-law Gurpal Singh in the case.
The agency has named in its FIR Simbhaoli’s chairman and managing director Gurmit Singh Mann, Gurpal Singh, and eight others.
CBI 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 CBI FIR stated.
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.