New Delhi:- CBI has registered a case of cheating and forgery against a Kolkata-based steel product manufacturer for allegedly causing a loss of over Rs 164.99 crore to the State Bank of India.
The case has been registered against Shree Mahalaxi Corporation Limited for allegedly misusing various credit facilities given to it by the Bank.
The FIR alleged that the Directors of the company presented cheques under the credit facility without having any real transactions.
It said the company thus caused a total loss of Rs 164.99 crore and booked two Directors of the company–Gopal Kumar Agarwal and Banwari Lal Agarwal, the company and Chief Manager of State Bank of India, Jyoti Ranjan Kanungo, for alleged criminal conspiracy, cheating and corruption.
Kanungo allegedly abused his official position as Relationship Manager to help the company in committing the fraud, it alleged.
I have been advised by my friends that my name has come up in several newspaper which has sourced their news to PTI.
I have full faith in the professionalism and integrity of CBI and the truth would come out in case they have time to go into details. I am shocked at the delay in filing of FIR by SBI in case they had conviction that I a the culprit.
I just want to state certain facts which should be in public domain
i) I joined as Relationship Manager in the Branch on Feb’10. Shri Mahalaxmi Corporation had an exposure of Rs95.00 crs at the time of my joining. I left the Branch on June’13. So if we take into A/c the interest @14% per annum, it comes to 140 crores .
ii) The Company is under Consortium arrangement and IDBI Bank and SBT had exposures of Rs 50crs. Besides the Group Companies has exposure of around Rs 200 crs with us at 3 different Branches of SBI. The Bank allowed the Company to take over a sick unit in Sep’12 when the cheque purchase issue was fully known.The Bank had earlier sanctioned 30 cr to K B Energy in Nov 2010 whose disbursement I had stopped
iii) CMP(Cash Management Product) started in JAN’11 and was stopped on Nov’11 by me due to misuse of the facility. The Matter was investigated by RBI on Jan’12, by DGM of SBI and then by Audit Dept. The matter was closed after giving e administrative warning and it was treated as a system failure..I was allowed to handle the Company. If Bank was suspecting something, they could have at least taken away the unit from me.The Company had earlier misused High-value cheque facility in 2009 creating OD of 19crs. I t was suppressed by giving the Company a massive enhancement from 30crs to 70crs in Jan’10
iv) The Company had started CMS facility at IDBI Bank There was an overdraft of Rs46 crores at IDBI on 31st March 2011. They kept it hidden. The amount was not reflected in the Audited Balance-sheet of the Company as on 31.03.2011 .The amount should have been shown in current liability. The ABS was prepared in haste and signed by Khetra Mohan So there was no opportunity
to know the position.
v) Our CMP facility operated at CB,Kolkata Branch and returned cheques were dispatched to him directly. The system suspense balance was maintained by Central Office. Taking advantage of the lacunae of the system, overdraft created in IDBI Bank was offloaded to SBI. The diversion of fund, if any, had already happened at IDBI Bank
vi) I had got back the substantial part of overdrawn amount single-handedly by March’12 and overdrawn amount had comedown from 56 crores to 22 crores. The Company then hired Shri Prabal Sen, retired CGM of RBI as Financial Adviser and another serving RBI official visited his office daily. They dissuaded the promoter to make any further payment and advised him to ask for restructuring with infusion of funds. The advice by a RBI official to a sick Company was objected to by another industrialist and RBI had clarified that here was no such official provision.
vii) As I lost my confidence about reduction of irregularity, I called for a Consortium meeting on 18.06.2012 to declare the A/c as fraud. Shri Prabal Sen and the promoter rushed to the GM who had also received a phone call from Jagmohan Rao(CGM-Banking operation) .I was given a dressing down and my promotion review was damaged completely for daring to ask for a CBI enquiry( Records available with me and at the Branch)
viii) Restructuring was carried out with the instruction of Shri Kartikeyan, GM.
Bank did not go for CBI enquiry which I had demanded in 2012. I was ready then even if it was not a welcome situation for me. It was required to infuse a sense of fear.
After 4 years ,Bank files a fraud case and make me no 1 accused. Bank is asking young officers to join the Bank. What is the message. I may be wrong ,may be corrupt but I had myself asked for CBI enquiry .Why the Bank was hesitant? Why the Bank was hesitant during last 3 years after leaving the Branch?
As my name is in public domain, I request you to publish this as my viewpoint. I stand by every word I have stated and ready for punishment if any part is found to be untrue.
If what the officer says is true, it is disturbing. Why the media has failed to take up this? Is it because media is given liberal advertisement by SBI? Business wins versus truth. The Chairman of SBI is a frequent visitor to Kolkata.Will any journalist raise the question? Or remain silent because it conflicts with the profit motive of owners?
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