Jammu, June 29: The sleuths of Jammu and Kashmir Anti Corruption Bureau has produced a charge sheet against 31 accused persons in Rs 1100 crore Rice Export India Scam of J&K Bank on Tuesday before the Court of Special Judge Anti Corruption Jammu.
The ACB spokesman said that Sandip Jhunjhunwala of W-25/C, Western Avenue, Sainik Farms, New Delhi, Managing Director M/s REI Agro Limited and Mohd Yousaf Bhat, the then Branch Head Mahim are among against whom the Chargesheet is produced.
He said that a case under relevant sections was registered in Anti Corruption Bureau Jammu for allegedly sanctioning and disbursing Crop Loans to the tune of Rs 400 Crores, Term Loan Rs. 150 Crores from J&K Bank Branch Mahim and Bill Discounting facilities to the tune of Rs. 115 Crores from J&K Bank Vasant Vihar Branch in favour of M/s REI Agro Limited without tangible securities and in violation of banking norms.
3. The investigation conducted has revealed that M/s REI Agro Ltd is a Public Limited company having its registered office at Everest House 46-C, Chowringhee Road, Kolkata (W.B) but later on company shifted its registered office to District Rewari Haryana. The company M/s REI Agro Limited was a purchaser and processor of basmati paddy in the country and for that purpose it used to avail Crop Loans from Banks and credit the same to the accounts of farmers/JLG groups (Joint Liability Groups) and obtain the paddy/paddy produce from them and after processing the paddy in the mill owned by the company, it was selling rice in the market to repay the loans so obtained.
Investigation has revealed that the company REI Agro Ltd its Chairman and Managing Director had no intention of repaying the loans to the bank.
The sole purpose from the very beginning was to swindle the funds obtained. In the instant case Rs. 400 Crores Crop Loans were availed by the company through JLGs in the names of farmers and the same was misappropriated and Company in connivance with the officers of J&K Bank Limited.
The company with the malafide intention to cheat the J&K Bank hatched a conspiracy with the Officers of J&K Bank and some private persons representing as JLGs (Joint Liability Groups) created fictitious lists of farmers who were non-existent under each JLG group and got the loan funds credited directly in the accounts of these JLGs who later diverted the funds back to the borrower company M/s REI Agro Ltd without crediting it to any farmers account.
The spokesman said that further investigation is in progress to locate the remaining JLGs and the involvement of the officials of this Zonal Office and Corporate Office of J&K Bank Mumbai and Srinagar in the grand of loan and bill discounting facilities in favor of the borrower which has resulted the accounts becoming NPA and the funds being siphoned out.