CBI on Tuesday registered a case against REI Agro, on the basis of a complaint by a group of bankers. A group led by UCO Bank had said the company had defrauded the banks of Rs 3,815 crore since 2013, a CBI spokesperson said.
Charan Singh, executive director, UCO Bank, said, "We have declared the company's account a fraud, and sent our report to the CBI."
In the past two quarters we have provided for 50 per cent of the loan as provisions. In the next two quarters, we will provide 100 per cent. Thus, any recovery will be a gain in balance sheet. Internally, we will invoke Sarfaesi (Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest) Act and file a suit at debt-recovery tribunal."
Charan Singh, executive director, UCO Bank, said, "We have declared the company's account a fraud, and sent our report to the CBI."
In the past two quarters we have provided for 50 per cent of the loan as provisions. In the next two quarters, we will provide 100 per cent. Thus, any recovery will be a gain in balance sheet. Internally, we will invoke Sarfaesi (Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest) Act and file a suit at debt-recovery tribunal."
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