SBI registered a complaint to CBI after directors of Ramdev INTL Naresh Kumar, Suresh Kumar, and Sangita fled the country allegedly cheating a consortium of six banks to the tune of Rs 411 crore. The other 5 banks in the consortium are Canara, Union Bank of India, IDBI, Central Bank of India, and the Corporation Bank.
CBI booked the Basmati rice importing company on the basis of a complaint from the State Bank of India (SBI), which suffered the loss of more than Rs 173 crore, they said. Ramdev INTL has three rice milling plants and eight sorting and grading units in Karnal of Haryana. The company has operating offices in Saudi Arabia and Dubai.
SBI revealed that the account of the company is a non-performing asset (NPA) from 27 January 2016. The consortium of six banks on a joint inspection found that the owners had removed the entire machinery from the old plant and fudged the balance sheets in order to unlawfully gain at the cost of banks’ funds. On further investigation, it was found that the owners have already absconded and fled the country.