A company whose owners fled the country with over Rs 400 crore in unpaid loans borrowed from the State Bank of India (SBI) and other banks has emerged as the latest example of a mega defaulter evading action. The owners of Delhi-based Basmati rice exporter Ram Dev International Limited, investigated by the CBI for allegedly defaulting on loans from six banks, have been missing since 2016.
The company was classified as a non-performing asset in 2016. Four years later, after a complaint from SBI on February 25, the CBI filed a case last week, on April 28.
Ram Dev International allegedly borrowed Rs 414 crore – Rs 173.11 crore from SBI, Rs 76.09 crore from Canara Bank, Rs 64.31 crore from Union Bank of India, Rs 51.31 crore from Central Bank of India, Rs 36.91 crore from Corporation Bank and Rs 12.27 crore from IDBI Bank.