India’s largest bank SBI has filed a Rs 411 crore banking fraud complaint against Ram Dev International and its promoters.
The bank, in its complaint filed before the Central Bureau of Investigation (CBI), said that the company and its promoters committed the fraud with a group of six banks. On the bank’s complaint, the CBI recently registered a case against the company and its directors Naresh Kumar, Suresh Kumar, and Sangeeta. However, officials said on Saturday that three promoters of the company had fled the country before the State Bank had filed a complaint.
The country’s largest bank has suffered a loss of Rs 173 crore. The company exports basmati rice to West Asian and European countries.
SBI has stated in its complaint that the company has three rice milling plants. Apart from these, there are eight sorting and grading units in the Karnal district of Haryana. It also has offices in Saudi Arabia and Dubai.
Officials have said that apart from SBI, this group of banks includes Canara Bank, Union Bank of India, IDBI, Central Bank of India and Corporation Bank.
According to officials, the Central Investigation Agency has so far not conducted any investigation due to the enforced lockdown due to coronavirus. He has said that the agency will initiate the process of summoning the accused and appropriate action will be initiated against them for not cooperating in the investigation.
As per the complaint filed by SBI, the company’s account was changed to NPA on January 27, 2016. The banks jointly inspected the assets in August and October.
Officials said the complaint filed by SBI on February 25, 2020, stated, “Investigation has shown that the debtors are absconding and have fled the country.”