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R.P. Infosystems Bank Scam (2018)

  


In this bank scam, IDBI Bank, which has now become the most prominent bank, has felt it. In this bank scam of 515.15 crores, RP Infosystem obtained a loan of 515.15 crores through fake documents. Which later refused to return it. R.P. Infosystems bank scam is related to Kolkata. R.P. Infosystems Scam involving banks has been exposed. R.P. Infosystems Ltd, a computer maker in Kolkata, is the newest to join the dirty Indian banking herd.

Since Nirav Modi was accused of robbing PNB of approximately Rs 12,636 crore earlier in February, the CBI has registered five cases of loan default. Canara Bank is the complainant in the lawsuit, accusing Infosystems of defrauding a consortium of ten banks it led out of Rs 515.15 crore.

Punjab National Bank, State Bank of India, Federal Bank, Allahabad Bank, Oriental Bank of Commerce, Union Bank of India, Central Bank of India, State Bank of Bikaner and Jaipur, and State Bank of Patiala are among the consortium's members. This blog aims to talk more about one more bank scam in India, i.e., the R.P. Infosystems bank scam. We'll also talk about how R.P. Infosystems scammed ten banks that it led out of Rs 515.15 crore. 

An Overview of the R.P. Infosystems Bank Scam

  • The leader of the organization had filed a case with the CBI in May 2015, a Canara Bank official said in a statement. Our bank flagged the account as fraudulent in October 2015 and reported it to the RBI. The surviving member banks authorized us to lodge a disciplinary complaint with CBI after the leader bank resigned its post as the group's leader, as mandated by CBI (BS&FC), Kolkata. According to the bank's complaint, which was filed on February 26, the company provided falsified and inflated stock statements to obtain financing.
  • The FIR claims that "the claimed lender company deceitfully and maliciously failed to route the sale profits through the loan account and siphoned off the full amount." "The lender company overstated their debts as well." According to the private sector lender's statement, Canara Bank financed a working capital limit of Rs 40 crores (4.69 percent) through the consortium of 17 banks, adding that it was not the consortium's leader. The government investigating agency lodged an FIR against company directors ShivajiPanja, Kaustuv Ray, VinayBafna, vice-president (Finance) Debnath Paul, and anonymous bank officials after receiving a report from Canara Bank Deputy Manager DV Prasad Rao.
  • In the R.P. Infosystems scam, they are accused of defrauding a consortium of 17 banks of Rs 515.15 crore. The directors implicated in the case are accused of obtaining the loan using counterfeit shares and debtors' declarations, then avoiding paying it back. State Bank of India, Union Bank of India, Allahabad Bank, Bank of India, Oriental Bank of Commerce, Central State Bank of Patiala, Federal Bank, State Bank of Bikaner and Jaipur, and Punjab National Bank were among the other banks involved in the grouping. Loans were allegedly taken based on forged and falsified documentation.
  • The banks also claimed that the company falsified financial documents and failed to deposit sale revenues in the loan account. According to the FIR, RP Infosystem exaggerated its receivables. This is because alleged debtors such as Gail India, Vincent Electronics, and CEAT advised the bank that they had no dealings with the company. Following this, Canara Bank filed an FIR with the CBI with the consent of the coalition's other member banks.
  • Canara Bank claims in its complaint, which is now part of the FIR that the firm that manufactures laptops under the Chirag brand has regularly collected monies from the consortium since 2012. According to the FIR, these loans have become non-performing assets. After negotiations with the RBI, IDBI Bank abandoned its role as consortium leader in 2013. (Reserve Bank of India). Canara Bank said that the company had also altered its balance statements, resulting in a dramatic reduction in debt from Rs 821.68 crore on March 31, 2013, to Rs 105.97 crore on March 31, 2014.
  • The consortium banks had issued letters of credit (a letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the exact amount), which began to devolve when the company's account balance fell below zero. During the final years of the Left's control in Bengal, Roy and Panja are said to have developed relationships with the BuddhadebBhattacharjee government and secured contracts to sell computers to the state government.
  • Panja and Roy warmed up to Trinamul after the change of guard in 2011, and the former accompanied Mamata Banerjee on a trip to Singapore. Delhi police detained Panja in February 2013 for allegedly defrauding a Delhi-based corporation out of Rs 18 crore. While returning from Dhaka with the chief minister, he was stopped at Calcutta airport. After IDBI bank filed a complaint stating that R.P. Infosystems had defrauded the bank of Rs 180 crores, the CBI filed a case against the three directors in June 2015. The bank said that the company's three directors took advantage of credit facilities by presenting fraudulent paperwork connected to shares.

Chargesheet Against the Suspects of R.P. Infosystems Bank Scam

In the R.P. Infosystems Scam, sections 120B (illegal conspiracy) read with 420 (deception), 468, and 471 (both connected to falsification) of the IPC, as well as criminal wrongdoing by a public officer, have been filed in the case. In 2015, the CBI charged the company (Chirag) with defrauding IDBI Bank of Rs 180 crore.

Legal Proceedings in the R.P. Infosystems Bank Scam

  • In this bank fraud, the CBI has charged R.P. Infosystems, a computer manufacturing company, and its directors with defrauding nine banks for a total of Rs. 515.15 crore. The corporation had used false paperwork to obtain the loan.
  • The CBI conducted a raid in Kolkata and other locations where the company's office was located on February 28, 2018. The CBI examined the bank fraud that the ShivajiPanja, one of the company's directors, had after searching the corporate office in Kolkata and the homes of all of the defendants.
  • ShivajiPanja, VinayBafna, and Kaustuv Ray, the company's directors, defrauded a consortium of ten banks out of Rs. 515.15 crore. By submitting forged paperwork to at least ten public sector banks, including the State Bank of India, the company was able to get financing.

Conclusion on the R.P. Infosystems Bank Scam

 

  • The banking system of any country is the backbone of that country's economy. But when the dirty eyes of corporate giants fall on this banking system. Afterward, the era of big-2 scams descended upon the country. A common bank employee has nothing to do with these scams. Usually, loans are given directly by higher officials through government intervention.
  • It is these scams that have the most impact on anyone. Over the last few years, the number of corporate houses robbing banks of billions of rupees has increased rapidly in the bank scam. The corporate houses are so effective that they start getting support from whatever government is formed.
  • Ministers and officials in the government have been so strongly influenced that every bank is forced to grant them the needed loan. In some places, incidents related to these types of bank scams are coming to light even with the involvement of high officials of the bank. Only the strictness of the system can put a stop to these types of bank scams. The toughness of the last few days is paying off.




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