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Updated on: Monday, November 01, 2021, 05:09 PM IST

Former SBI chairman, Pratip Chaudhuri, arrested in loan scam case

Pratip Chaudhuri, former chairman of SBI, and seven others were arrested after the Chief Judicial Magistrate in Jaisalmer issued an arrest warrant | File pic

Pratip Chaudhuri, former chairman of SBI, and seven others were arrested after the Chief Judicial Magistrate in Jaisalmer issued an arrest warrant | File pic

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In a loan scam case, Pratip Chaudhuri, the former chairman of the State Bank of India (SBI) has reportedly been arrested by the Jaisalmer police from his Delhi apartment.

Chaudhuri and seven others were arrested after the Chief Judicial Magistrate in Jaisalmer issued an arrest warrant. On Monday, Chaudhuri would be transported to Jaisalmer, according to news reports.

The allegations include sale of properties owned by Godawan Group. The properties worth Rs 200 crore were sold for Rs 25 crores after bank seized them for defaulting on the loans at the time of Chaudhuri’s tenure, according to Times of India.

What the case is about

Godawan Group reportedly took out a loan of Rs 24 crore from the SBI in 2008 for constructing a hotel.

The Godawan properties were allegedly sold to Alchemist Asset Reconstruction Company (ARC) in 2016 when Chaudhuri was the SBI chairman.

The market value of the property was assessed as Rs 160 crores in 2017, the report added. Godawan Group had approached courts after the properties were sold for a lower valuation.

Reports say Chaudhuri joined Alchemist ARC as a director after his retirement from SBI,

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Published on: Monday, November 01, 2021, 05:09 PM IST
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