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CBI books Punjab CM’s son-in-law, 11 others of Simbhaoli Sugars in OBC Bank fraud

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CBI books Punjab CM's son-in-law, 11 others of Simbhaoli Sugars in OBC Bank fraud

Punjab Chief Minister Amarinder Singh’s son-in-law and 11 others have been booked by the CBI in a case registered against Simbhaoli Sugars Limited – a private sugar-manufacturing firm based in Uttar Pradesh’s Simbhaoli – in connection with reported bank loan fraud of Rs 97.85 crore and default of Rs 110 crore in loans from the Oriental Bank of Commerce (OBC).

Gurpal Singh, one of the deputy directors, is married to Punjab CM Captain Amrinder Singh’s daughter Jai Inder Kaur. Gurpal Singh is on the board of directors of eight companies in total.

The CBI has registered a case of fraud against the top officers of Simbhaoli Sugars Limited, including the CMD, CFO, CEO and directors, and unknown bank officials. The CBI has charged them with criminal conspiracy and cheating.

The CBI FIR mentions two loans, said media reports. Of the two, one is a Rs 97.85 crore loan declared fraud in 2015. The other is a corporate loan of Rs 110 crore that was used to repay the previous loan. It has been learnt that the corporate loan was declared non-performing asset (NPA) on November 29, 2016 in the aftermath of Prime Minister Narendra Modi’s demonetisation move, said a Financial Express (FE) report.

The bank had lodged a complaint with the CBI on November 17, 2017. The case was registered by the CBI on February 22 this year, according to reports.

The CBI’s FIR, reported The Times of India (TOI), has alleged that Oriental Bank of Commerce sanctioned a loan amounting to Rs 148.59 crore to Simbhaoli Sugars in December 2011 after the company approached it with a proposal for financing sugarcane farmers under the tie-up arrangement with the company (with a maximum limit of Rs 3 lakh per farmer).

The company supplied to the bank the names of individual farmers along with their details of land holding and cane supplied by them in the previous season. It was also supposed to submit the KYC and other requisite documents along with the loan application of individual farmers.

The bank’s Hapur branch disbursed loans to 5,762 farmers between January and March 2012 totalling Rs 148.59 crore. The loans were disbursed through individual loan accounts opened for farmers and consolidated amount of each disbursement was credited in the Escrow (current) account of Simbhaoli Sugars on the basis of undertaking given by the company that inputs like seed, fertilizers and other necessary equipments etc have been supplied by it to all the individual farmers.

It turned out that Simbhaoli issued improper KYC certificates in the names of farmers, the TOI report said. The company transferred diverted the funds from the Escrow account to other accounts maintained by it with SBI, Punjab National Bank and UCO Bank through RTGS. This way, OBC claimed, Simbhaoli Sugars has misappropriated the money lent by it and “there is clear cut division of funds”.

The loan account of Rs 148.59 crore was declared non-performing asset (NPA) in March 2015 and a fraud in May 2015 for an outstanding amount of Rs 97.85 crore.

Interestingly, in addition to existing NPA, OBC, under multiple banking arrangements sanctioned another corporate loan of Rs 110 crore to Simbhaoli in January 2015 to pay its outstanding loan of Rs 97.85 crore. “They (bank) adjusted the total liability of Rs 112.94 crore of company in June 2016 by sanctioning this new corporate loan,” says CBI.

The corporate loan, too, turned NPA on November 29, 2016, in the aftermath of Prime Minister Narendra Modi’s famous demonetisation move resulting in its first outstanding loan of Rs 97.85 crore (as alleged fraud) and the fresh corporate loan of Rs 109.08 crore (as fresh outstanding).

The CBI on Sunday 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, said media reports quoting CBI spokesperson Abhishek Dayal.

The case comes amidst the multi-crore Punjab National Bank (PNB) fraud scam involving diamontaire Nirav Modi is making the headlines. Notably, Simbhaoli Sugars Ltd is considered as one of the largest sugar mills in the country.

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Former Prime Minister Manmohan Singh, architect of India’s economic reforms, passes away at 92

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Manmohan Singh

In a moment of national sorrow, former Prime Minister Manmohan Singh has passed away at the age of 92 due to age-related medical conditions. The announcement was made by the All India Institute of Medical Sciences (AIIMS) in Delhi, where Singh had been receiving treatment in recent days.

According to the statement released by AIIMS, Singh was found unconscious at his residence earlier today, December 26, 2024. “He was promptly administered resuscitative measures at home and brought to the AIIMS medical emergency at 8:06 pm,” the statement said. Despite all efforts to revive him, he was declared dead at 9:51 pm.

Manmohan Singh, who served as the Prime Minister of India for two consecutive terms from 2004 to 2014, was a towering figure in Indian politics. His tenure is marked by his leadership in the Congress-led United Progressive Alliance (UPA) government. He was widely recognized for his calm and intellectual approach to governance, though it was his role as Finance Minister in the early 1990s that cemented his legacy as one of India’s most influential political figures.

Singh’s role in the landmark economic reforms of 1991, which included liberalizing India’s economy, reducing trade barriers, and opening the doors to foreign investment, is often credited with saving the country from economic collapse. These reforms transformed India’s economic landscape, setting the stage for its rapid growth in the subsequent decades.

In the wake of his passing, tributes poured in from across the political spectrum. Congress leaders Priyanka Gandhi Vadra and Sonia Gandhi arrived at AIIMS soon after the news of Singh’s hospitalization became known. Congress President Mallikarjun Kharge and party MP Rahul Gandhi, currently in Belagavi for a Congress Working Committee meeting, are en route back to Delhi, according to reports.

Singh’s death marks the end of an era in Indian politics. He is survived by his wife, Gurcharan Singh, and their three daughters. Known for his humble and dignified nature, Singh’s contributions to India’s economic transformation will continue to resonate for generations to come.

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PM Modi says need to equip youth with skills in emerging technologies like AI

He acknowledged the significant contribution of youth energy to India’s advancement and reaffirmed his government’s commitment to nurturing young talent and boosting their self-confidence.

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Prime Minister Narendra Modi on Thursday emphasised the importance of adapting to the rapidly evolving world, noting that emerging needs, expectations, and future directions underscore the necessity for a modern approach in equipping young people with skills in emerging technologies like artificial intelligence and machine learning.

He acknowledged the significant contribution of youth energy to India’s advancement and reaffirmed his government’s commitment to nurturing young talent and boosting their self-confidence.

In his remarks during the ‘Veer Baal Diwas’ celebrations, Modi stated, “This era has moved beyond machines to machine learning. AI is taking centre stage, and we can see its application replacing conventional software. It is essential to make our youth future ready to tackle these challenges.” The observance of ‘Veer Bal Diwas’ honors the courage and sacrifices of Guru Gobind Singh’s four sons, esteemed figures in Sikhism.

The Prime Minister outlined that the government’s policies are focused on youth, encompassing various sectors, including the startup ecosystem, space economy, sports and fitness, fintech, manufacturing, skill development, and internship programs.

He highlighted that the new National Education Policy is designed to modernize education, facilitating expansive learning opportunities.

Additionally, Modi announced the launch of the ‘Suposhit Gram Panchayat Abhiyan,’ aimed at fostering healthy competition among village panchayats to eliminate malnutrition, thus laying the groundwork for a developed India. He encouraged the youth to excel in their respective fields, whether in railways, semiconductors, travel, or astronomy.

The Prime Minister highlighted that youth power is at the forefront of driving revolutions across various fields, including startups, science, sports, and entrepreneurship. He emphasised that all government policies—whether related to the startup ecosystem, the future of the space economy, the sports and fitness sector, fintech and manufacturing industries, or skill development and internship programs—are designed with a youth-centric focus to benefit young people.

During the Veer Bal Diwas ceremony, Modi paid tribute to the “unparalleled” sacrifices of Guru Gobind Singh’s sons, the Sahibzadas, who chose “unwavering courage and faith over submission to the Mughal Empire’s oppression.” He remarked that the government established this day of remembrance to honor the bravery of the Sahibzadas, stating, “Their legacy continues to inspire.”

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Mahatma Gandhi’s legacy under threat from Modi government: Sonia Gandhi

Approximately 200 leaders, including CWC members, special invitees, party officials, and former chief ministers, convened for the Congress meeting in Belagavi.

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Congress Parliamentary Party (CPP) chief Sonia Gandhi on Thursday said Mahatma Gandhi’s legacy is under threat from those in power in New Delhi and the ideologies and institutions that have nurtured them. She urged the party workers to bolster their commitment to addressing these challenges with determination.

As the Congress Parliamentary Party Chairperson, Gandhi slammed the Narendra Modi government and the RSS, urging action against the forces she accused of fostering the toxic environment that contributed to Mahatma Gandhi’s assassination.

“It was a transformative moment in our nation’s history. Today, we recommit to honoring, safeguarding, and advancing the legacy of Mahatma Gandhi, who has always been and will remain our fundamental source of inspiration,” she stated.

“His influence shaped and guided the remarkable leaders of his time. However, his legacy now faces threats from those in power in New Delhi, along with the ideologies and institutions that support them,” she continued in her message.

“These organisations never stood for our freedom; they vehemently opposed Mahatma Gandhi and are responsible for creating a toxic environment that led to his assassination. Furthermore, they celebrate his assassins,” Gandhi asserted.

She highlighted that “Gandhian institutions across the nation are under assault” and expressed that it is fitting for this meeting to be named Nava Satyagraha Baithak. She called for a renewed determination to confront these forces with all available strength.

Additionally, she encouraged party workers to unite and tackle the challenges ahead with urgency and renewed enthusiasm.

Congress President Mallikarjun Kharge, also speaking at the meeting, accused the BJP of disrespecting freedom fighters, particularly B.R. Ambedkar. He alleged that Prime Minister Narendra Modi and his administration refuse to acknowledge the error made by Home Minister Amit Shah regarding his “extremely insulting” comments about Ambedkar.

In response, the BJP condemned the Congress’s gathering, labeling the Belagavi session as a “monumental mockery of the principles of Mahatma Gandhi.” Senior BJP leader C.R. Kesavan remarked that “Rahul Gandhi’s Congress stands in stark opposition to Mahatma Gandhi and his ideals.”

Approximately 200 leaders, including CWC members, special invitees, party officials, and former chief ministers, convened for the Congress meeting in Belagavi.

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