The State Bank of India has filed a complaint with the Central Bureau of Investigation (CBI) against a Delhi-based basmati rice export firm, alleging its promoters, who cheated a consortium of six banks of Rs 414 crore, are missing and have fled the country.
Owners of Ram Dev International Limited are said to be missing since 2016 when an inspection was carried out by SBI.
The central agency registered a case on April 28 naming the owners Suresh Kumar, Naresh Kumar and Sangitaand Look Out Circulars (LOCs) have been issued against them.
According to the National Company Law Tribunal (NCLT) order in 2018, it was informed that the promoters have fled to Dubai.
The company’s loans were classified as a non-performing asset (NPA) in 2016. The bank filed a complaint with the agency in February this year after a delay of four years.
A special audit revealed that the borrowers falsified the accounts, fudged the balance sheet and unauthorisedly removed the plant and machinery in order to gain unlawfully at the cost of bank funds.
The exposure of banks was at Rs 414 crore—Rs 173 crore from SBI, Canara Bank Rs 76 crore, Union Bank of India Rs 64 crore, Central Bank of India Rs 51 crore, Corporation Bank Rs 36 crore and IDBI Bank Rs 12 crore.