The businessman has been identified as Ranjan Kumar Padhi, Managing Director of SR Alcobev Pvt Ltd. The CBI has filed a complaint against Padhi, his company, his wife Saina Kar (who is a director of the company), Naina Devi Suppliers Pvt Ltd (guarantor company), Chandraghanta iron and steel traders Ltd, (corporate guarantor), Brewforce Technologies ( machinery supplier) and Sukanta Kumar Lenka, a civilian contractor in connection with loan fraud.
Punjab National Bank and the former Allahabad Bank (now Indian Bank) in Cuttack provided credit facilities of Rs 73 crore as part of the consortium agreement with SR Alcobev in 2013.
While the PNB (lead bank) had authorized a term loan of Rs 40 crore, the former Allahabad bank had granted a term loan of Rs 33 crore. But the defendant, Padhi, colluded with the other defendants and embezzled the loans, so far causing losses of Rs 140.48 crore to both banks, a senior CBI official said.
Padhi and his wife had contacted the two banks, requesting loans to set up a beer manufacturing plant with an annual production capacity of 3 lakh hectoliters of beer. Delhi-based Brewforce Technologies was supposed to supply machinery for the proposed beer plant, while Lenka was brought in to do the civilian construction of the plant.
The borrower and the guarantors violated the terms and conditions of the loan. They neither bought any machines nor deposited the installments on time, after which the loan account became a non-performing asset (NPA) on February 5, 2016.