Three Accused Of Rs 414 Crore Bank Fraud Flee Country

New Delhi: Three owners of a Delhi-based rice export company have reportedly fled the country after swindling a consortium of six banks of Rs 414 crore.

The matter came to light only after State Bank of India filed a complaint with the Central Bureau of Investigation (CBI) against the owners of Ram Dev International Limited in February this year, four years after the fraud came to light.

The accused — Suresh Kumar, Naresh Kumar and Sangita — have been missing since 2016 when an inspection was carried out by SBI, the Hindustan Times reported.

A special audit revealed that the borrowers falsified the accounts, fudged the balance sheet and unauthorisedly removed the plant and machinery in order to gain unlawfully at the cost of bank funds.

CBI registered a case against the accused on April 28 and issued lookout circulars against them.

According to the National Company Law Tribunal (NCLT) order in 2018, it was informed that the promoters have fled to Dubai.

The consortium of banks swindled are SBI (Rs 173 crore), Canara Bank (Rs 76 crore), Union Bank of India (Rs 64 crore), Central Bank of India (Rs 51 crore), Corporation Bank (Rs 36 crore) and IDBI Bank (Rs 12 crore).