NPA Files on NewsX: In the 100-day campaign to detect Non Performing Assets (NPA), NewsX has revealed several big companies and individuals who allegedly fouled the Bank norms and ran away with big amounts. Earlier we had told the story about the Sarkari babu’s (Bureaucrats) sitting in NAFED, who are been allegedly colluding and conniving with notorious businessmen, which results in looting the taxpayers of the country. In the second part of our biggest NPA investigation, we have come up with some shocking information that will give goosebumps to you.
The story is about the Swarup Group of Industries, one of the many companies that allegedly defaulted the loan given by NAFED in 2004, which resulted in debts for the Government undertaking. NAFED (National Agricultural Cooperative Marketing Federation of India Limited) has given loans to 62 firms of which 29 turned as defaulters, that affected the NAFED badly resulting in the debt of crores. As per the reports, Mumbai based Swarup Group of Industries stands in the list, which accounts for more than half of the default amount. The figure stands at a whopping Rs 782 crore.
Further, in the investigation, we found a report that alleging quotes that CBI has launched a probe into a 235 crore loan which was granted to Swarup Group of Industries by NAFED. Another report shockingly reveals the allegations that NAFED in collaboration with banks had extended the loan to Swarup Group without collaterals. The Managing Director of Swarup group, Guru Swarup Srivastava was also arrested for forgery and defrauding 2 charted accountants but later he got the bail.
According to media reports, Guru Swarup Shrivastava commissioned 100 MF Hussain paintings, which valued around Rs 1cr each. This was the biggest ever art deal of that time, which was highlighted by the news.
The 100 crore deal allegedly fell through when Guru Swarup got trapped with the financial crisis and couldn’t pay the artists, but the company received 25 paintings in advance they have already given to Hussain in 2004. The claims have been corroborated by Hussain’s official website. Its 14 years later and the value of those same paintings are now whopping 100 crores.
But the big question is still unanswered, where is Swarup group now? Team NewsX tried to trace the company on their official address provided to us by the Mumbai sheriff, the building was there, we found the number of the office but there were no traces of Swarup group. One of the guards of the same building confirmed that there was a company with the same name but it was shut down years ago. Although after a long legal battle NAFED has recovered 25 painting and will auction them to recover the money.