28 March 2018

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NPA a legal corruption The Case of Loan settlement of BJP Minister Sambhaji Nilangekar

NPA a legal corruption The Case of Loan settlement of BJP Minister Sambhaji Nilangekar

When we common Indian citizens take the loans and when we become unable to pay the loans the banks do not hesitate to send Gundaas, criminals to our homes, banks do not hesitate to sell your properties and banks see that you get humiliated in front of society.

Banks do not give a discount of single paisa while repaying a loan to common citizens of India.

But when the loan belongs to a rich person like Mallya or Nirvav Modi banks do not take any action, criminals run away with bank money and after that Banks file the FIR in police station.

When a loan belongs to political leader of a party, these same banks forget everything and do not even recover full amount of loan, on the name of one time settlement banks see that the political leader makes profits even after not paying loan to bank for 5 or 10 years.

Now below is the case of Loan settlement of BJP Minister Sambhaji Patil Nilangekar

Name -  Sambhaji Patil Nilangekar
Political Party – BJP, member of RSS
Current status – Maharashtra Minister for Labour and Skill Development

Sambhaji Patil, had once created history by winning against his own grandfather, eight-time MLA and former Chief Minister, late Shivajirao Patil-Nilangekar. They were having some property dispute and family tussle.

Maharashtra Minister for Labour and Skill Development Sambhaji Patil Nilangekar is a BJP leader from Latur was booked by the CBI two years ago for allegedly being party to a criminal conspiracy for cheating the Union Bank of India and Bank of Maharashtra to the tune of Rs 49.30 crore
Year – 2009
Victoria Agro Food Processing Private Limited, for Sambhaji Patil Nilangekar was a guarantor, had taken a loan of Rs 20 crore each from the Latur branches of Bank of Maharashtra and Union Bank of India. “The loan was taken in 2009,”
Why the loan was taken?
The loan was taken for setting up a grain-based alcohol plant in Latur’s Sakol. The company was run by Nilangekar’s brother-in-law in partnership with another individual.
Sambhaji Patil Nilangekar was a guarantor.
Bank of Maharashtra paid loan of Rs. 20 crore.
Union Bank of India paid loan of Rs. 20 crore.
For first two years company paid interest after 2 years company stopped paying the interest to  the banks.

In the FIR registered by its Banking Securities and Fraud Cell on March 23, 2014, the CBI had accused Nilangekar of “commissioning offences of criminal conspiracy and cheating.

The company paid the interest amount for initial two years. But from 2011, it failed to pay the interest and principal amount. The unpaid interest and loan amount had accumulated to Rs 76 crore and the loan got classified as a non-performing asset (NPA).

Central Bureau of Investigation (CBI) filed a chargesheet in a case of cheating lodged by the banks after finding that the mortgage deed papers for the loan had been tampered with.
While Nilangekar mortgaged the immovable property where he resides to the consortium of banks as a Guarantor for the firm, the CBI’s case details show that the firm’s Managing Director is his brother-in-law Ashish Marwaha and his sister Prajakta Marwaha is the firm’s director. The CBI had also booked his younger brother Arvind for standing guarantee and consenting to Nilangekar’s move of mortgaging his property. Two other directors have also been named accused in the case.

While the banking consortium extended the loan following the signing of a mortgage deed on July 30, 2009, the commercial production of the unit was never initiated

Documents reveal that the consortium, which then accused the firm’s director of diverting the loan for other purposes, kicked off the loan recovery process under the SARFAESI (Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest) Act, 2002, by serving the firm a demand notice on September 12, 2011.

Year 2016 – Vikhe-Patil released copies of the mortgage deed and other papers obtained from the recovery cell of the banks, which clearly show that the firm is registered on Nilangekar’s residential address.
Further, the LoP also released a communication dated September 29, 2014, issued by the Branch Manager of the Beed-based Vaidyanath Urban Cooperative Bank Limited, which identifies Nilangekar as “a partner” in the Victoria Agro Food Processing Pvt Ltd Documents obtained from the Beed bank show that the firm had borrowed a loan from this bank too, but this was later repaid.

Now understand how NPA works and what happens with NPA loan acocunts The NPA a legal method to rob Indian citizens.

As per the settlement, Bank of Maharashtra will get Rs 12.50 crore.” The loan amount was Rs 20 crore and the interest on it was Rs 21.75 crore. The decision regarding the one-time settlement was taken by the managing committee of the bank, which has at least 10 members.  “The settlement was reached after following all the legal procedures that are required when a loan becomes an NPA,”

Bank of Maharashtra
Year – 2009
Bank Paid loan of Rs. 20 crore
Interest amount – Rs. 21.75 crore
Total amount – 41.75 crore
The loan is declared as NPA, as Victoria Agro Food Processing Private Limited stops paying loan amount, interest to the banks after 2 years.
Year 2017 – On the name of one time settlement now bank will get Rs. 12. 50 crore only
Forget about the loan interest , but question is real loan amount was Rs. 20 crore , now bank will get only Rs. 12.50 crore.
This means bank will suffer loss of Rs. 7.50 crore.

Bank of Maharashtra is the government bank, this means that this bank belongs to you and me and every Indian citizen.

This means that you and me every Indian citizen will suffer loss of Rs. 7.50 crore.

the Union Bank of India and Bank of Maharashtra  has reached a one-time settlement (OTS) of Rs 51 crore with the two banks.

NPA is a great scheme of corruption developed by Indian politicians which benefits top bank officials and businessmen who got contacts with elected politicians and bankers , together all   legally rob the citizens of India.

Reality views by sm -

Wednesday, March 28, 2018

Tags – NPA Bank Fraud India Politicians Maharashtra Latur