The bank had complained to the CBI on November 17, 2017 but the agency registered the case only on February 22 this year. According to the FIR, the Oriental Bank of Commerce sanctioned a loan of Rs.148.60 crore Simbhaoli Sugars in 2011. On May 13, 2015, the bank declared it as loan fraud of Rs 97.85 crore to the Reserve Bank of India. While the bank declared a fraud of Rs 97.85 crore, the actual loss incurred was Rs 109.08 crore, according to the FIR. “The corporate loan, too, turned NPA on November 29, 2016, thus resulting in its first outstanding loan of Rs 97.85 crore (as alleged fraud) and the fresh corporate loan of Rs 109.08 crore (as fresh outstanding),” said Dayal.

Source: Indian Express February 25, 2018 23:30 UTC