India’s biggest campaign to trace and track Non-Performing Assets (NPA), NewsX has brought to you 30 Investigations as we reached the halfway mark of the 100-day campaigns. In last 50-days NewsX traced many money defaulters who defaulted bank norms and flee away with big amounts. Some companies allegedly took big amount loans on fake documents and then ran away. Today we reopened the top 5 cases of our NPA list that were surprising to everyone. These cases exposed alleged scams of hundreds of crore.  

The top 5 cases which were re-opened today:

CASE FILE: 12

NAME: NAFED

NPA AMOUNT: RS 382 Crores

NAFED investigation, we are talking about the rot in the system that completely failed to recover money which was meant for the farmers of this country. NewsX accessed incriminating documents from sources which reveal how only 3 percent of the total outstanding loan amount has been recovered in 8 years, which is just a meagre 85 crore rupees. What could be the reason behind this snail’s pace, either the lack of political will or our system didn’t have a clue where the money was going.

CASE FILE: 23

NAME: RP INFO SYSTEMS

NPA AMOUNT: RS 73 Crores

Number 23 in the NewsX NPA list is RP Infosystems Ltd. According to our list, the company owes Punjab National Bank Rs 73 crore which has now been classified as an NPA. The registered address of the company is 20/1 c, Lalbazar, Kolkata. According to the ROC data with the ministry of corporate affairs, the company was incorporated in February 2005 with an authorised capital of Rs 75 crore. The company held it’s last AGM in December 2013 and filed its last balance sheet in September 2013. The directors of the company on the ROC records are Arabinda bose, Kaustuv Ray and Dippriya Mitter. Only Kaustav Ray appears on the NewsX NPA list, along with Shibaji Panja, Vinay Bafna and Debnath Pal.

 

CASE FILE: 7

NAME: PIXION

NPA AMOUNT: RS 1,959 Crores

 

 

CASE FILE: 30

NAME: ADIGEAR INTL PVT LTD

NPA AMOUNT: 39 CR

Case number 30 in the Newsx NPA list is Adigear International Private Limited. As per our NPA list, it owes State Bank of India Rs 39 crore. The directors of the company in our list are Sanjay Khanna, Sandeep Khanna, Pran Nath Khanna and Anju Khanna. This is a story of how one of India’s leading sports apparel manufactures went bust leaving a trail of unpaid loans in it’s wake. At the website of Adigear international, the boast of manufacturing everything from apparel, sports goods, accessories, backpacks and even military clothing including bullet-proof vests. The clients the company claimed it’s the who’s who of the global brand market. Adigear was sourcing and manufacturing for these brands in India.

 

CASE FILE: 1

NAME: DWARKA DAS SETH INTL

NPA AMOUNT: 358 CR)

In a big NewsX impact, the Central Bureau of Investigation (CBI) has traced the mother Reeta Seth and wife Punita Seth of Sabhya Seth, one of the directors of Dwarka Das Seth company (Delhi-based diamond jewellery exporter). They are currently being questioned by the CBI. Dwarka Seth company was put under the CBI lens after NewsX mega expose of NPA files. It is only after NewsX had reported about these NPAs, the agencies have woke up. We have also learned that the CBI has also issued a diffusion notice against Sabha Seth, who is one of the main accused and is wanted in this default case. Meanwhile, the CBI has been able to nab Sabhya Seth’s mother and wife and is further questioning them at probing agency headquarters.