E-Paper
Six-year-old bank fraud case against Suma Foods lands in special CBI court
The complaint was filed by Mithilesh Kumar Choudhary, then branch manager of Central Bank of India, Karnal. According to the complaint, M/s Suma Foods Pvt. Ltd. was incorporated in June 2015 by brothers Sachin and Ankit Singla, along with Sushil Kumar and Vipin Singla, for paddy processing and rice export.
The court of special judicial magistrate, CBI, Panchkula, has transferred a six-year-old fraud case to the Special CBI court at Panchkula for trial. The case pertains to an FIR registered on December 12, 2020, under Sections 420 and 120-B of the IPC against M/s Suma Foods Pvt. Ltd. and its directors, including Sachin Singla, Ankit Singla, and Sushil Kumar. All three are residents of Gurugram.
The complaint was filed by Mithilesh Kumar Choudhary, then branch manager of Central Bank of India, Karnal. According to the complaint, M/s Suma Foods Pvt. Ltd. was incorporated in June 2015 by brothers Sachin and Ankit Singla, along with Sushil Kumar and Vipin Singla, for paddy processing and rice export.
In September 2015, the accused company sought financial assistance. After considering the request, the bank sanctioned credit facilities worth ₹24.11 crore, including an ODBD/CC limit of ₹ 8 crore (with a sub-limit of ₹ 8 crore for EPC/EBN/EBP/EBD), a fresh WHR limit of ₹ 8 crore, and a term loan of ₹ 7.79 crore for setting up a rice mill. The loans were secured through personal guarantees and collateral.
In October 2017, the bank further enhanced the credit facilities to ₹21.61 crore after reviewing the company’s request. However, the borrowers defaulted on repayments, and the account was declared NPA on December 31, 2018, with an outstanding of ₹21.73 crore. Subsequent inquiries revealed that the company had dishonestly sold hypothecated stock, siphoned off funds, and removed machinery, causing wrongful loss of ₹16.72 crore to the bank. The account was later declared fraudulent in January 2020 on grounds of fund diversion.
The CBI alleged that the accused directors, in criminal conspiracy, submitted false stock statements and balance sheets to inflate turnover and fraudulently secure enhanced limits. They were charge-sheeted on December 11, 2023, after a prima facie case was found. During the trial, the prosecution examined 38 witnesses.
One accused, Suresh Jain, applied for pardon. With no objection from the prosecution, his plea was allowed on September 1, 2025, and he was examined as an approver.
However, in compliance with Section 306(5)(a)(i) CrPC/Section 343(5)(a)(i) BNSS, the case has now been committed to the court of special judge, CBI, Panchkula, for trial. The accused, currently on bail, have been directed to appear before the said court on October 24.
