Mehul Choksi tops in India’s deliberate loan defaulters, defaulters owe banks 92,570 crores


New Delhi: The federal government informed the Lok Sabha on Tuesday through the winter session of Parliament that the highest 50 willful defaulters in India owe about Rs 92,570 crore to Indian banks until March 31, 2022. Amongst these 50 defaulters, India’s fugitive businessman Mehul Choksi is on prime. In response to a written query within the Lok Sabha, Union Minister of State for Finance Bhagwat Karad stated that Gitanjali Gems, owned by India’s fugitive diamond service provider Mehul Choksi, has excellent dues of Rs 7,848 crore.

Period Infra second and Rego Agro third in mortgage defaulters

Union Minister of State for Finance Bhagwat Karad additional knowledgeable that among the many greatest defaulters of the nation, Period Infra with mortgage arrears of Rs 5879 crore is second and Rego Agro is at third place with arrears of Rs 4803 crore. Aside from these, firms like Concast Metal & Energy Rs 4,596 crore, ABG Shipyard Rs 3,708 crore, Frost Worldwide Rs 3,311 crore, Winsome Diamonds & Jewelery Rs 2,931 crore, Rotomac International Rs 2,893 crore, Coastal Tasks Rs 2,311 crore and a pair of,147 crores on Zoom builders and many others.

Banks wrote off Rs 11.17 lakh crore in six years

Minister of State for Finance Bhagwat Karad additional stated that the nation’s banks have written off loans value about Rs 11.17 lakh crore from their books in a interval of six years until the final monetary yr 2021-22. He stated non-performing property (NPAs) have been faraway from the books of banks by writing them off, together with absolutely provisioned loans on completion of 4 years.

UCO Financial institution declared Yashovardhan Birla a willful defaulter, filed a lawsuit to recuperate the dues

Bhagwat Karad stated that banks write off NPAs as a routine train to scrub their stability sheets, avail tax advantages and optimize capital utilization. He stated that the work of writing off unhealthy loans is completed by the banks as per the rules of the Reserve Financial institution and the coverage accepted by their board. He stated public sector banks (PSBs) and scheduled business banks (SCBs) wrote off whole quantities of Rs 8,16,421 crore and Rs 11,17,883 crore, respectively, over the last six monetary years, in accordance with RBI information.

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