November 1, 2021
1 min read

Alleged loan scam case: Ex-SBI Chief arrested

The bank then sold both the hotels to a company for Rs 25 crore at a much lower price than the market rate. On this, the hotel group went to court…reports Asian Lite News.

Former SBI chairman Pratip Chaudhary has been arrested by the Jaisalmer Police from Delhi on the basis of arrest orders issued by the Chief Judicial Magistrate Court in the case of selling a hotel property at a cheap price after declaring it NPA.

Pratip Chaudhary was arrested on Sunday and will be brought to Jaisalmer on Monday.

According to information received from the police, Pratip Chaudhary was arrested from his residence in Delhi in a case related to a hotel group in Jaisalmer. It is alleged that the property worth about Rs 200 crore was sold for Rs 25 crore by declaring it Non Performing Asset (NPA).

This property, in fact, was seized in lieu of the loan.

According to the police, the hotel group had taken a loan of Rs 24 crore from SBI in 2008 for the construction purpose. At that time, another hotel of the group was running smoothly. After that, when the group could not repay the loan amount, the bank seized both the hotels of the group after considering it as a non-performing asset. At that time, the chairman of the bank was Pratip Chaudhary.

The bank then sold both the hotels to a company for Rs 25 crore at a much lower price than the market rate. On this, the hotel group went to court.

Meanwhile, the buyer company took over it in 2016 and when this property was valued in 2017, its market value was found to be Rs 160 crore. At the same time, after retirement, Pratip Chaudhary joined the same company as a director to which this hotel was sold. At present, the value of these hotels is being estimated at Rs 200 crore.

In this case, the CJM Court of Jaisalmer ordered the arrest of Pratip Chaudhary.

ALSO READ-SEBI extends compliance timelines

READ MORE-63 moons case: SAT suspends SEBI order

Previous Story

Modi meets German Chancellor Merkel on G20 side-lines

Next Story

Kerala schools reopen after 20 months

Latest from -Top News

Words Won’t Stop China, Quad Must Deliver

 If the Quad aims to counterbalance China’s growing influence, it must expand its focus beyond the maritime domain and address the continental dynamics of the Indo-Pacific…writes Imran Khurshid Despite early concerns that

India Stays Neutral on Dalai Lama Succession

As exiled Tibetan spiritual leader approaches his 90th birthday, he asserted on Wednesday that there will be the 15th reincarnation…reports Asian Lite News Responding to the Dalai Lama’s recent remarks, India on

Trinidad Eager to Deepen Ties with India: Envoy

Trinidad and Tobago, home to a large Indian-origin population—many of whom are now in their fifth and sixth generations—offered a unique cultural resonance to the visit….reports Asian Lite News Prime Minister Narendra

UK shuts both its Afghan resettlement schemes

According to the Ministry of Defence, the Afghan Relocations and Assistance Policy has fulfilled its initial objective of supporting Afghans who worked alongside the UK military The government has announced the closure
Go toTop

Don't Miss

INDIA bloc slams Centre for Kejriwal’s arrest

Opposition leaders question the timing of Kejriwal’s arrest, with elections

UK-based activist Khanda’s mother among 3 detained

Mehna Counter Intelligence agency-staff in-charge Inspector Kikkar Singh said Charanjit