Small Town Industrialist - PSU bank mgr nexus
These loan defaults at PSU banks are getting ugly with new cases coming up every day. Rotomac was Kothari in Kanpur and now today its sambhaoli sugar in Meerut. Every tier 2, 3 and 4 city branch of psu bank which has loans going to industrialists is at serious risk. LocalCircles must escalate this issue via different media channels. For some reason it seems that media is not focused on state of PSU banks but more on person like a Nirav Modi. The root cause is corruption at psu banks and we need to discuss this and fix this.
Todays case details below:
The CBI has filed a case against Simbhaoli Sugars Ltd and its CMD and directors for cheating Oriental Bank of Commerce (OBC) of Rs 200 crore.
OBC has claimed that a fraud worth over Rs 200 crore has been committed by Simbhaoli Sugars Ltd, Hapur with the bank's Meerut branch in 2011, and again in 2015.
The CBI has named CMD Gurmit Singh Mann, deputy MD Gurpal Singh and eight others including the CFO, executive and non-executive directors of Simbhaoli Sugars Ltd, apart from unknown bank officials, in its FIR.
Todays case details below:
The CBI has filed a case against Simbhaoli Sugars Ltd and its CMD and directors for cheating Oriental Bank of Commerce (OBC) of Rs 200 crore.
OBC has claimed that a fraud worth over Rs 200 crore has been committed by Simbhaoli Sugars Ltd, Hapur with the bank's Meerut branch in 2011, and again in 2015.
The CBI has named CMD Gurmit Singh Mann, deputy MD Gurpal Singh and eight others including the CFO, executive and non-executive directors of Simbhaoli Sugars Ltd, apart from unknown bank officials, in its FIR.
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Without the hands of politicians, vested interest, corrupt employee such wrong transactions cannot happen. Everybody in the link should be jailed and all their properties - movable, immovable, bank accounts, cash etc. should be confiscated and taken as national property, then only people will learn a lesson. Wrong doers to think before they do anything unethical.
Mar 12
Economic offenders must be given capital punishment,then only there will be fear in offenders mind.
Mar 03
This business of systematic loot of tax payers' money through Banks/State Financial Institutions had been in vogue by for last 45 years. Now the balloon had burst. Corruption, political interference had been the root causes. All loan cases should be investigated quickly and the defaulters should be brought to book after filing FIRs and decided by NCLT. The conventional Courts/Tribunals should not be involved as these institutions had encouraged the defaulters by selling stay orders and un-limited adjournments.
Feb 28
Autonomy of banking industry is being curtailed by politicians. Banks are being utilized for their political agendas and collection of political chanda from Industrialist and bureaucrats.
Feb 27
Truly the motto, purpose and objective of Bank were grossly diversified at Political interest misusing the Mission of ' Nationalization of Banks ' THAT WAS ORIGINALLY MEANT FOR EASY FINANCES TO RURAL INDIA TO GROW through Self Employment Schemes, Village and Cottage Industries .
Yes. Correct please. Since after 95, this diversification was started for a permanently set goal.
Yes. Correct please. Since after 95, this diversification was started for a permanently set goal.
Feb 27
The Central Govt. should immediately set up a commission consisting of people with good reputation from RBI and Public sector banks and this commission should recommend the actions that are to be taken for plugging the loopholes that are existing in the in public sector banks working
Feb 27
