A controversy is brewing in Bharat Co-operative Bank (BCB) with regard to alleged bogus loans to spice and dry fruit traders based on "non-existing" stocks shown in third-party warehouses at Navi Mumbai's APMC (Agriculture Produce Market Committee) premises.
The infamous NSEL scam of 2013 also involved bogus stocks in warehouses and fictitious book entries, based on which money was borrowed. When the scam was revealed, adequate stock could not be found in warehouses and borrowers could not return money.
The BCB recently classified M/s Smart Distributors and M/s Nileshkumar Vinodchandra & Co (NVC) as non-performing assets (NPAs), after they failed to return the money as per the loan terms. Two emails from the FPJ to the companies were not replied to.
Esta historia es de la edición December 20, 2024 de The Free Press Journal.
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Esta historia es de la edición December 20, 2024 de The Free Press Journal.
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