InvestorQ : What is the SREI NPA Loan issue going on now?
prachi Patwardhan made post

What is the SREI NPA Loan issue going on now?

Answer
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1 year ago


SREI Equipment Finance Limited is a Kolkata-based company which is going through the scanning of various agencies. A whistleblower's letter has alleged the company in restructuring loans so that these do not become Non-Performing Assets (NPAs). This letter dated December 19, 2018, was sent by an anonymous person to Additional Commissioner, CGST, with copies to Reserve Bank of India and Serious Fraud Investigation Office.
This letter claims that “Company regularly restructured bad loans to escape NPA/launder money through the hawala route. RBI guidelines are systematically bypassed…" However, the SREI is denying all the allegation responded to media with It has come to our notice that an individual pretending to be a whistleblower is spreading rumors and misinformation about Srei Group anonymously. The claims made in the unsigned letter, which is being circulated anonymously, are false and baseless. We believe that this is being done to malign SREI Group's impeccable reputation and is a feeble attempt to blackmail and extort money." (Source: Moneycontrol)
It is also said that the GST department has called Chief Executive Officer of SREI, DK Vyas for questioning. Not only this, but GST department has also ongoing with the raid of the SREI’s Mumbai office to check whether the allegation of GST violation is true or not.