₹411 crore loan fraud: Rice exporter surrenders before Karnal court

The CBI had registered a case on April 28 against Ram Dev International and its directors Naresh Kumar, Suresh Kumar and Sangita, for allegedly cheating a consortium of six banks to the tune of Rs 411 crore.

The managing director of Ram Dev International, Naresh Kumar, on Sunday surrendered before the district court in Karnal, four years after getting booked in a Rs 411 crore loan scam, police said.

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Sandeep Kumar, in-charge of Karnal police’s economic cell, said Naresh Kumar surrendered before the district court, which has sent him to seven-day police remand for interrogation in the case. Police said efforts are being made to arrest other people involved in the scam.

The CBI had registered a case on April 28 against Ram Dev International and its directors Naresh Kumar, Suresh Kumar and Sangita, for allegedly cheating a consortium of six banks to the tune of Rs 411 crore. The company was engaged in export of basmati rice to the West Asian and European countries. The case was registered on the complaint of DFSC Karnal under Sections 406, 420, and 120B of the Indian Penal Code.

A special audit had revealed that the borrowers falsified the accounts, fudged the balance sheet and unauthorisedly removed the plant and machinery in order to gain unlawfully at the cost of bank funds.The commission agents of Karnal grain market alleged that the accused had also duped over 100 arhtiyas of Rs 9.50 crore.