The CBI has filed an FIR in opposition to Maharashtra MLA and sugar baron Ratnakar Gutte and Gangakhed Sugar and Energy Limited for an alleged financial institution fraud of ₹ 409.26 crore, officers stated on Friday. Besides the employer and Mr Gutte, who received the Gangakhed seat as a Rashtriya Samaj Paksha candidate withinside the 2019 Maharashtra meeting elections, the corporation has booked his sons and different own circle of relatives contributors, they stated. According to the Central Bureau of Investigation, Mr Gutte is one of the administrators of Gangakhed Sugar and Energy Limited.
It is claimed that Gangakhed Sugar and Energy Limited had availed numerous credit score centers to the music of ₹ 577.sixteen crore withinside the shape of a time period mortgage, running capital facility and different credit score centers from a consortium of banks led through UCO Bank among 2008 and 2015, the officers stated.
The CBI these days searched the premises of Mr Gutte and different accused at locations in Nagpur and 3 in Parbani, they stated. Mr Gutte`s sons and different own circle of relatives contributors have additionally been booked through the corporation on fees of crook conspiracy and dishonest beneathneath the Indian Penal Code, and beneathneath provisions of the Prevention of Corruption Act.
The Enforcement Directorate had filed a fee sheet in opposition to Mr Gutte and Gangakhed Sugar and Energy Limited for alleged cash laundering in December closing year.
The financial institution has alleged in a complaint, now a part of the CBI FIR, that the employer has doubtlessly diverted mortgage budget and availed extra drawing strength in running capital through overstating internet cutting-edge belongings in a inventory statement.
This ended in a coins crunch for the employer, prompted a loss to the enterprise and in the long run ended in non-fee of dues to banks, making the account a non-acting asset.
The employer opened a Letter of Credit (LC) from UCO Bank and Union Bank of India in favour of providers for buying and selling in sugar from 2013-14 to 2016-17, amounting to ₹ 197.17 crore, the financial institution alleged. Goods beneathneath LCs had been rejected and proven in books as buy returns valued at ₹ 143.87 crore, it claimed.
“It seems that those transactions had been now no longer withinside the nature of everyday enterprise transactions for the acquisition of sugar in buying and selling and had been used for availing finance from the Banking machine through beside the point use of LCs,” the financial institution alleged. The financial institution additionally red-flagged numerous times of economic irregularities in opposition to the employer.
“It is evident… that the goal of the employer and its promoters/administrators become malafide. They took benefit of the banking machine and misutilised numerous credit score centers supplied through banks,” it alleged.
The employer allegedly jeopardised banks’ interest, and the loans had been utilised for apart from sanctioned purposes, it alleged. “The employer has defrauded and swindled public budget together with diversion of budget…,” it alleged.