The Central Bureau of Investigation(CBI) has registered a case against Rashtriya Samaj Paksha (RSP) legislator Ratnakar Gutte and others, including a firm – Gangakhed Sugar and Energy Ltd – in a case related to an alleged bank fraud of Rs 409.26 crore, agency sources said on Friday.
The agency's case was registered on Tuesday on receipt of a written complaint, dated November 27, 2020, from MK Anand, deputy general manager and zonal manager, UCO Bank (Nagpur), that was addressed to the CBI's joint director (policy) at its headquarters in Delhi.
Gutte's sons booked
Apart from the firm and Gutte – who won the Gangakhed seat in Parbhani district in the 2019 Maharashtra assembly elections – the agency booked some of his family members including his sons. One of his sons is filmmaker Vijay Gutte who is best known for his directorial The Accidental Prime Minister.
The CBI's First Information Report (FIR) invoked Indian Penal Code sections for alleged criminal conspiracy, read with common intention, and Prevention of Corruption Act sections for a public servant's criminal misconduct and obtaining, by corrupt or illegal means, for himself or for any other person any valuable thing or pecuniary advantage.
Apart from the seven, including individuals and the firm named in the FIR, the CBI will also look into the role of unknown public servants and private persons, sources said. According to the CBI, Gutte is allegedly linked with Gangakhed Sugar and Energy Ltd.
“It was alleged that the accused persons, in pursuance of criminal conspiracy among themselves, have defrauded the bank by way of cheating and criminal misconduct by public servants, thereby causing wrongful pecuniary loss of Rs 409.26 crore to the complainant bank and other consortium banks,” a CBI official said.
He added that the complaint prima facie disclosed to the commission of cognisable offences and therefore a regular case was registered. It was alleged that Gangakhed Sugar and Energy Ltd had availed various credit facilities in the form of a term loan, working capital facility and other credit facilities from a consortium of banks, led by UCO Bank, between 2008 and 2015.
'Company may have diverted loan funds'
The bank alleged in its complaint, which is part of the CBI FIR, that the company may have diverted loan funds and availed excess drawing power in working capital by overstating net current assets in a stock statement.
This allegedly resulted in a cash crunch for the company, caused a loss to the business and ultimately resulted in non-payment of dues to banks, making the account a non-performing asset. The CBI had recently searched the premises of Gutte and the other accused at two places in Nagpur and three in Parbhani.
The Enforcement Directorate had recently filed a charge sheet against Gutte and Gangakhed Sugar and Energy Ltd in a case related to alleged money laundering.
