Over 68,600 Cr loans written off by wanton insolvents: RBI in RTI response


New Delhi: Outstanding loans of 68,607 crore of the country’s 50 most deliberate bank loan defaulters, including Mehul Choksi and Vijay Mallya, were technically written off by September 30, 2019, the Reserve Bank of India said in an RTI response.

The Gitanjali Gems company of the fugitive Dimantaire Choksi tops the list of these defaulters with a whopping number of 5,492 crore, according to the list.

REI Agro follows 4,314 crore and winsome diamonds with 4,076 million euros.

Rotomac Global Private Limited has advances from 2,850 crore, which was technically written off and Kudos Chemie Ltd with 2,326 crore, Ruchi Soya Industries Limited, now owned by Ramdevs Patanjali, with 2,212 crore and Zoom Developers Pvt Ltd with The other companies are 2,012 crore.

Mallya’s Kingfisher Airlines is ranked 9th on the list with an outstanding balance of 1,943 crore, which were technically written off by the banks.

Forever Precious Jewelery and Diamonds Private Limited has loans from 1,962 crore written off while Deccan Chronicle Holdings Limited 1915 crore loans written off.

Choksi’s other companies Gili India and Nakshatra Brands also have loans of 1.447 and 1109 crore or amortized.

REI Agro from the Jhunjhunwala Brothers is already under ED’s scanner. The CBI and ED are also investigating suspected fraud by the owners of Winsome Diamonds.

Vikram Kothari’s Rotomac is fourth in the list. He and his son Rahul Kothari were arrested by the CBI for bankruptcy.

At the last parliamentary session, Rahul Gandhi asked the government to provide a list of the 50 largest default bank loans in the country, which led to violent stock markets and turmoil in the Lok Sabha.

“The information on the 50 most common willful default recipients and their total of the outstanding financing amount and the technically / regulatory amortized amount reported by banks in CRILC on September 30, 2019, is provided,” said RBI in its written response dated September 24, 2019.

RTI activist Saket Gokhale had requested the list of debtors in his motion as on Feb. 16, but the RBI said the requested information was not available.

RBI announced that Section 8 (1) (a) of the RTI Act 2005 in conjunction with Section 77 of the Supreme Court judgment dated December 16, 2015 in the Jayantilal N Mistry case exempts information about foreign borrowers from public disclosure.

“The data is reported by the banks and the RBI is not responsible or held accountable for false reports and / or false reports by the reporting companies,” said the RBI in the written response to the RTI request.

This story was released from a news agency feed with no changes to the text. Only the heading was changed.

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