SUBJECT : SCAM/ECONOMIC OFFENCE IN LOAN DEPARTMENT BY CONSORTIUM BANK AGAINST THE LOAN ACCOUNT OF SHREE SHYAM PULP & BOARD MILLS LIMITED
A company namely Shree Shyam Pulp & Board Mills Limited having its manufacturing plant in Kashipur (Uttarakhand) (here-in-after SSPBML) was established by Mr. Naresh Kumar Gupta and presently running by Mr. Naresh Kumar Gupta and his son Amit Kumar alias Amit Gupta. SSPBML is engaged in manufacturing of various kinds of writing and printing papers as well as cardboards, copier and other papers. During their regular course of business, SSPBML applied for loan before the consortium of bank; led by UCO Bank, 5 Sansad Marg, New Delhi, with the heading to EXPAND THEIR PLANT and on this ground the bank passed their loan application and passed their loan without the complete verification of their papers. It is pertinent to mention here that the loan which was granted is of more than Rs. 700 Crores (Seven Hundred Crores Only) but the complete worth of machines are not more than Rs. 200 crore (Rupees Two Hundred Crores) and therefore the disbursed amount is much more than the worth value of the machines.
Sometimes in the year 2013, the company SSPBML failed to repay and seeking some time to repay their loan EMI and bank granted. After sometimes, the consortium again asked to SSPBML to repay their loan EMI but SSPBML refused to repay their loan EMI with a very interested reason i.e. “Due to suffering from the cloud burst in the Uttarakhand, he is not in the condition to repay their loan EMI and therefore SSPBML seeking some time to establish their plant to repay their loan EMI and referred the notification of Indian Bank Association (here-in-after IBA)”. It is pertinent to mention here that from the perusal of the governments records, it is too much obvious that SSPBML was never been affected by the cloud burst in Uttarakhand but without any enquiry, the consortium granted time to repay the loan EMI. It is also pertinent to mention here that SSPBML is also defaulter for their EPF and ESIC account though deducted the amount from their employees salary and instead to take action by the EPF and ESIC department, both the departments are only granting the time to SSPBML with the reason known to himself only. It is also pertinent to mention here SSPBML is also not disbursing the salary of their employes since long long time and no one is ready to take appropriate action against the SSPBML.
That after the completion of IBA notification time period, the consortium again asked to repay the loan EMI but SSPBML started to make excuses on one pretext to another and the consortium granted the time to SSPBML. Sometimes in the year 2014, when the consortium felt that SSPBML is cheating them, the consortium declares the account of SSPBML as NPA and proceeded to audit the account of SSPBML through Anil Shalini & Company. During the audit, an interesting fact has been come out that the company have misused the disbursed loan amount. No any machine or other machinery is existing at ground for which the complete loan amount was disbursed even the submitted bills of the machineries are false and fabricated. It is pertinent to mention here that during the submission of the adutior’s report, the auditor clearly stated that they have not found any machine at ground and the claim of the company that they are affected from the natural calamity, is completely false and fabricated as during the audit, the company could not show any paper or document in support of their claim. In their report, the auditor clearly stated that the company is fully involved in illegal activities. The directors of SSPBML misused the letter head, address and signatures of the genuine companies and prepared false and fabricated documents to avail the loan facility. The directors and their family members are involved in illegal activities as they incorporate the false and fabricated to avail the loan facility. The auditor submitted their report to the consortium of the bank with the complete documents which was confirming the diversion of funds. They further said that SSPBML is engaged in diversion of funds and after the finalization of the report, the auditor clearly written that there is a diversion of Rs. 390.94 Crores (Rupees Three Hundred Ninety Crores Ninety Four Lacs Only), done by the company SSPBML but the bank did not take any action against the concerned person. Sometimes in the year 2015, when the consortium came to know that there are two FIR has been lodged against Mr. Naresh Kumar Gupta and Mr. Amit Kumar alias Mr. Amit Gupta and Mr. Amit Kumar and their family members and Mr. Amit Kumar alias Mr. Amit Gupta has already been arrested by the police and sent to the jail, the consortium immediately lodged a complaint before the CBI in the month of September, 2015 with the complete documents.
After the registration of the complaint, the CBI remain silent till date and the complaint has not been converted into the FIR which is completely violation of the guidelines of the Hon’ble Supreme Court of India. It is pertinent to mention here that the bank consortium has also not been take care of the complaint and till date the complaint is still pending with the CBI and the CBI is also saving themselves to take any further action against the accuseds because the accuseds.
Now the condition is this that having ulterior motive and malafide intention, the consortium is ready to settle the loan amount only in Rs. 300-400 crores which is completely wrong and cheating with the tax payers of the nation. It is also pertinent to mention here that the consortium filed a recovery case before the Debt Recovery Tribunal, New Delhi and the tribunal passed the order that SSPBML cannot sell or create an third party interest in the properties but without informing to the tribunal, SSPBML selling/transferring/creating third party interest with the consent of the tribunal which is a crime but the consortium is neither ready to consider the fact nor ready to follow the law. It is also pertinent to mention here that SSPBML is also in the defaulter’s list of the Hon’ble Supreme Court of India but The Consortium has no fear of law and doing as per their wishes. If the consortium settled the loan amount only in Rs. 300-400 crores which is only 40-50 percent of the loan amount instead of 100% i.e. more than Rs. 800 Crores (Rupees Eight Hundred Crores Only), it shall be a big hit on our economy as well as cheating with the tax payers of our country.
By this letter, I humbly request you to kindly consider my letter and highlight this fraud and the corporate scam/economic offence which is a type of scam/economic offence by which the amount of tax payers is going in vein and the government is not doing anything to recover the NPA debt. It is also pertinent to mention here that the company SSPBML has also been in wilful defaulter’s list of Hon’ble Supreme Court of India and still the silence of government is a surprise to the public. I think that the present government is again waiting for the another Vijay Malya case and thereafter they(The government) will show that they are very serious to recover the amount because the government is busy to use The CBI to settle their political rivals which is showing their interest of the public benefits. It is also pertinent to mention here that the CBI has neither been informed to The Enforcement Director about this huge diversion of public money nor taken any action themselves against the concerned persons.