Banks waived 10 lakh crore loans of big companies, Mehul Choksi’s Geetanjali Gems tops the list of defaulters

Banks have waived loans of around Rs 10 lakh crore of big companies in the last five financial years. Minister of State for Finance Bhagwat K Karad said in reply to a question in Rajya Sabha that the amount to be refunded during the financial year 2021-22 has come down to Rs 1,57,096 crore as […]
 


Banks waived 10 lakh crore loans of big companies, Mehul Choksi’s Geetanjali Gems tops the list of defaulters

Banks have waived loans of around Rs 10 lakh crore of big companies in the last five financial years. Minister of State for Finance Bhagwat K Karad said in reply to a question in Rajya Sabha that the amount to be refunded during the financial year 2021-22 has come down to Rs 1,57,096 crore as compared to Rs 2,02,781 crore last year. financial year. Debt stood at Rs 2,34,170 crore in 2019-20, down from a five-year record high of Rs 2,36,265 crore in 2018-19.

He said that during the year 2017-18, banks had deposited Rs 1,61,328 crore in the accounts. The minister said that a total of Rs 9,91,640 crore has been deposited in the bank loan account in the last five financial years (2017-18 to 2021-20). He also said that with total borrowers of Rs 5 crore and above- The Reserve Bank of India (CRILC) provides information on large loans to all Scheduled Commercial Banks (SCBs) and all Indian financial institutions under the Central Repository of Information (CRILC). As per the Reserve Bank, after the year 2018-19 CRILC data is being maintained in respect of willful defaulters

 

He said the total number of willful defaulters in loan repayment cases in the last four years was 10,306. The year 2020-21 had the highest number of willful defaulters. 2,840 loans defaulted during that period. The following year, that number was 2,700. The number of such defaulters stood at 2,207 at the end of March 2019, which increased to 2,469 in the year 2019-20. Sharing the details of top 25 defaulters as of March 2022, Karad said, Gitanjali Gems Ltd tops the list. It is followed by Era Infra Engineering, Concast Steel & Power, REI Agro Ltd and ABG Shipyard Ltd.

Fugitive diamantaire Mehul Choksi’s company Gitanjali Gems owes Rs 7,110 crore to banks, Rs 5,879 crore to Ira Infra Engineering and Rs 4,107 crore to Concast Steel and Power Ltd. In addition, REI Agro Limited and ABG Shipyard have defrauded banks to the tune of Rs 3,984 crore and Rs 3,708 crore respectively.

Apart from this, Frost International Limited owes Rs 3,108 crore, Winsome Diamonds & Jewelery Rs 2,671 crore, Rotomac Global Pvt Ltd Rs 2,481 crore, Coastal Projects Ltd Rs 2,311 crore and Kudos Chemicals Rs 2,082 crore.