Maharashtra Businessman Takes Rs 5,400 Crore Loan In Farmers’ Name, Invests It In Business

A businessman in Maharashtra has allegedly taken a loan of whopping Rs 5400 crore and invested in his shell companies. According to t reports, leader of Opposition in Maharashtra Legislative Council, Dhananjay Munde, said a businessman had allegedly secured loans worth over Rs. 5400 crore, on the basis of fake documents made in the name of farmers.

PTI reported that Munde of Nationalist Congress Party (NCP) said Ratnakar Gutte, promoter of the Gangakhed Sugar and Energy Limited in the state’s Parbhani district, had also transferred bank loans obtained by various groups firms into different accounts.
He claimed Mr Gutte had formed 22 shell companies to route the money.
“In 2015, Gangakhed Sugar Factory procured bank loans in the names of more than 600 farmers under the ‘Harvest and Transport scheme’. These farmers are now getting bank notices for loans amounts some of which are as high as Rs. 25 lakh,” Mr Munde claimed. He further alleged that several companies which were part of the group were shell companies which had little or no assets of value.

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