Punjab Agro Industries duped of Rs 14 crore by Delhi based company

Chandigarh/May 12
Punjab government’s food corporation has been duped of Rs 14 crores by Delhi based company that has taken a loan of over Rs 17 crore for developing his business and later defaulted on the payments. The role of some senior officials of the corporation has also come under scanner in this scam.
After an government inquiry it was revealed that Delhi based company Reliance Polycrete Company had on April 2, 2004 had applied for a loan of 22 crores for spreading its business with Punjab Agro Industries Corporation and it was sanctioned a loan of Rs 17.10 crores. It continued to pay its installation sometime but then started defaulting on the payments after which investigations were launched to recover the loan in 2008.
“In the investigations, it was revealed that the property documents which were submitted as an security for the loan were fake and the corporation’s Managing Director Kripa Shankar, Additional Managing Director Amarpal Singh, General Manager RK Singla and Manager of Punjab Agro Foodgrains Ltd Rakesh Kumar have been booked for collusion with the defaulting company officials,” sources said.
Sources further said that in an inquiry conducted by IAS official Romila Dube had held these government officials guilty of approving the loan to the company as per their discretion and they didn’t adhere to the pre-requisite norms. The case was later transferred to Vigilance who in turn referred the case to Chandigarh police as it fell under their jurisdiction.
But due to arguments over the issue between Punjab Vigilance Bureau and Chandigarh police as to on under whose jurisdiction this case fell, finally on April 13, 2013, a case was registered by Chandigarh police against the erring government and Reliance Polycrete Company owner SK Jain, his wife Sunita Jain, son Nischal Jain, Anil Verma, an official of the company and property valuer Virender Saini for submitting forged documents, cheating and conspiracy.
As per reports, SK Jain had allegedly submitted fake documents of properties in Meerut in UP, Prasad Nagar in Delhi and Mansoori area of Utranchal for getting loan from Punjab Agro Industries Corporation Limited.
Punjab Agro Industries is the premier organization of Punjab Government that is entrusted with the responsibility of promotion and facilitation of agro based industries including agro processing, dairy processing, poultry processing, agro residue processing, food and horticulture processing, agro chemicals manufacturing etc. Punjab government has 92 percent shareholder in corporation while Indian government and Punjab Rural Development Board has shareholding of 2.5 percent and 5.5 percent respectively.