The sugar scam in Maharshtra run to thousand of crores of rupees. The mills are not only the base of the poltical existence of parties but also their source of undeclared political funding. The collusion of public sector banks and board of directors of the cooperatives sold the properties and purposefully made the public company suffer by continuously sanctioning loan which lead to non performing assets in future. The capital kept on exchanging hands from the taxpayer’s money to the private and political entity. The lands of the mills were sold to the individuals at cheaper price than its market value.
Banks provided loan without mortgaging adequate properties, neglecting their net values. And, they sold the properties as per private convenience without publishing tenders. The board of Directors did not follow the directives of RBI and NABARD and State Bank Investment policy while selling the securities.
One of the prominent name is ARMSTRONG industries. The literal translation of BHUJBAL. The faces involved are from both the ruling and opposition parties. So the question is who we will probe the scam?
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