- Advertisement -spot_img
Thursday, March 23, 2023

SBI Loan Fraud: Loan fraud of 3300 crores!

News ECG: The Bombay High Court’s ruling permitting Suman Vijay Gupta, the head of a Mumbai-based NGO, to travel to the UAE was delayed by the Supreme Court. Suman Vijay Gupta was ordered by the Supreme Court on suspicion of cheating the State Bank of India of Rs 3,300 crore. The Chairman of Ushdev International Limited is Suman Vijay Gupta (UIL).

Thursday, a Supreme Court panel made notice of Solicitor General Tushar Mehta’s argument that “law enforcement agencies have had a dismal track record of enabling economic offenders and fraudsters to leave overseas on the private initiative since they rarely honor their request.”

Also Read Veteran social media company Meta will lay off 10,000 employees

The top law enforcement official stated “He serves as the chairman of a business that borrowed Rs 3,300 crore. The CBI is looking into the situation (case). He gave up his Indian citizenship after designating the debt as an NPA (Non-Performing Asset) and adopted Dominican citizenship instead “.

As a result, he was given a Look Out Circular (LoC) and prohibited from traveling. He said that if he submitted a promise that he would return to face legal action in the case against him, the Bombay High Court would release him for court appearances.

Mehta stated, “We have had a very terrible experience with the effort. We’ll publish a notice,” a Supreme Court panel declared. The High Court’s order will be suspended until further instructions.” Mehta claimed that after the fraud was discovered, insolvency proceedings were started against UIL.

This time, the CBI filed a case against Suman Vijay Gupta, who gave up his Indian citizenship and adopted Dominican citizenship while residing in the United Arab Emirates. Suman Vijay Gupta recently visited to attend the wedding of his nephew and mentioned that the LoC was given in 2020.

Also Read Nirmala Sitharaman says digital or E-rupees worth over Rs 130 crore launched

Latest news
Related news


Please enter your comment!
Please enter your name here

%d bloggers like this: