NPA files on NewsX: Tracking and tracing the Non-Performing Assets (NPA), NewsX has revealed some shocking facts and figures that allegedly points figure on companies and individuals. In the 100 day investigation, NewsX tried to open some important NPA files that show the reality of loan defaulters. We have earlier exposed how companies secured loans from NAFED and till 2015 the outstanding amount stands to a whopping 2800 crore rupees. In part 3 of NAFED investigation, we are talking about the rot in the system that completely failed to recover our money which was meant for the farmers of this country.
NewsX has 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. In the 3rd part of the investigation, NewsX has accessed incriminating documents of how has the pace of recovery of loan amount been dismal that in from year 2008 to 2015 only Rs 85.30 crore, which is barely 3 % of the total outstanding which stands for Rs 2,800.
As per the investigation, the amount recovered in 2008-2009 was Rs 20 crore, in 2010 4 crore, 2012- 18 crore, Rs 7 crore in 2013 and Rs 25 crore in 2015. The whole story started in 2003, when NAFED tied up in business and distributed massive loan of 3,945 crore to 62 firms, out of which 29 turned as defaulter, which resulted in debt of crore for the government undertaking. These 29 firms allegedly ran away with Rs 2800 crore including interest and surcharges.
It has been more than a decade but the government undertaking has received only Rs 85.3 crore. But the big question is still unanswered, where is the money gone as the law clearly failed to catch up with the defaulters.