Bhopal. CBI has registered a case against a Bhopal-based coal trader for embezzling Rs 175 crore from the bank. The businessman is accused of committing a loan scam like fugitive diamond merchants Nirav Modi and Mehul Choksi. On the complaint of the bank, the CBI has started the investigation of the scam.
In a complaint to the CBI, Bank of Baroda has told that a loan of Rs 175 crore was given to coal trader Anil Jain in the year 2014. This loan was on Line of Credit of 90 to 180 days. This meant that Jain would have to repay the loan within 180 days. If Jain did not pay this amount, then the bank has registered a case against Jain and his family members in the CBI office in Bhopal. In the case, the CBI has also made 6 partners including Jain accused.
The scam was executed like this…
First the limit increased – The bank said that Jain’s company was involved in trading of coal. First of all, in the year 2010, took a loan of Rs 80 crore from Jain Le Bank by taking three different types of line of credit limits. This loan was taken in the name of coal purchase. After this, Jain increased the limit to 175 crores in 2014. Then he sent this money abroad.
Started diverting money Everything was fine till 2016 but after demonetisation i.e. from the year 2017, Jain started diverting the loan money abroad. For this, foreign company Avani Resources was used. A foreign credit letter of Rs 28.50 crore was issued in his name. However, the coal that was told to be imported from this company never came.
Get fake customs clearance and bills madeJain told about sourcing and paying coal on a large scale from dozens of companies like Nikhil Merchantile, Shyam and Shivam coal blocks. For this he got fake customs clearance and other bills made. When the bank investigated, it came to know that all these supplies were not made or were said to be many times more than what happened. Not only this, he made a fake audit report and told a profit of 4 crores, but immediately after presenting the second audit report, he showed a loss of 112 crores. Meanwhile, Jain paid off a personal loan of Rs 30 crore from the mill loan to buy coal.
What is Line of Credit
For a particular business purpose, the bank issues a limit of loans in bulk. Within this limit, businessmen can do loan withdrawal or loan withdrawal at any time. The only condition is that they have to return the money within the stipulated period i.e. 90 to 180 days. Once the money is returned, it can be withdrawn again. In the Nirav Modi case, Punjab National Bank had issued a similar credit.