SAD MLA’s brother, cousin booked for Rs16-crore fraud - Mandi Gobindgarh News

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Saturday, August 10, 2019

SAD MLA’s brother, cousin booked for Rs16-crore fraud


SAD MLA’s brother, cousin booked for Rs16-crore fraud

Tribune News Service
Muktsar, August 9

The police have booked Muktsar MLA-cum-SAD district president Kanwarjit Singh ‘Rozy’ Barkandi’s younger brother Shaminder Singh ‘Lavi’ and cousin Baljinder Singh for allegedly committing a fraud of nearly Rs 16.5 crore with a local branch of Canara Bank.

Notably, Shaminder and Baljinder, directors of rice mill Guru Gobind Foods and Agro Private Limited, Kotli Devan village, had got a term loan of Rs 20.25 crore from the bank but disposed of the hypothecated machinery and stock without the approval of the bank.

An official in the bank said Shaminder and Baljinder had got a term loan of Rs 20.25 crore in 2014. “They had repaid just Rs 4 crore to the bank and nearly Rs 16.5 crore was to be repaid till 2022 in installments. However, they disposed of the machinery and stock of their firm. Thus, a criminal case has been registered against both of them,” he said.

A case under Sections 420, 421, 422, 424, 406 and 120B of the IPC has been registered in this regard. The accused are yet to be arrested.

Paramjit Singh, SHO, Sadar Muktsar police station, said, “A case of fraud has been registered against the two persons but I don’t know much about them.”

Notably, Barkandi is considered close to SAD chief Sukhbir Singh Badal. He was, however, not available for a comment. Sources close to him said the MLA had no role in the alleged fraud.


Took loan of Rs 20 cr

Shaminder Singh and Baljinder SIngh, directors of rice mill Guru Gobind Foods and Agro Private Limited, Kotli Devan village, had got a term loan of Rs 20.25 crore from the bank but disposed of the hypothecated machinery and stock without the approval of the bank

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