InvestorQ : What is this latest Rs.398 crore fraud at State Bank of India and PNB by Jagat Agro?
indhumathi Sayani made post

What is this latest Rs.398 crore fraud at State Bank of India and PNB by Jagat Agro?

Answer
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shrinidhi Rajan answered.
4 months ago


Central Bureau of Investigation – CBI has booked Jagat Agro Commodities and its directors Sant *** Aggarwal and Sudha Pawa among others for alleged bank fraud of Rs.398 crore. This pertained to a loan given by SBI led consortium. According to the report, Jagat Agro had inflated its balance sheets and submitted fictitious financial statement to avail higher banking limits from SBI and PNB.

These funds were then diverted through round tripping causing a huge loss to both the banks. The CBI has already conducted an elaborate search operation at the premises of Jagat Commodities. It remains to be seen how the CBI will ensure that the dues are recovered from the defaulting companies.