ED searches on premises of sugar baron Gutte
   Date :07-Jun-2019

 
 
Staff Reporter:
 
ENFORCEMENT Directorate (ED) on Friday conducted simultaneous searches at nine places across the state, including the office and residential premises of sugar baron Ratnakar Gutte at Nagpur, Parbhani and Mumbai, in connection with an alleged Rs 328 crore loan fraud case. The ED also conducted searches at Gutte’s Bandra (West)-based educational institute.
 
Based on an FIR lodged by State Police under the Prevention of Money Laundering Act in the sensational multi-crore loan fraud, ED is conducting simultaneous probe to ascertain the details about businesses and wealth of businessman-turned politician. He has been accused of availing loans from Andhra Bank, UCO Bank, United Bank of India, Bank of India, Syndicate Bank and RBL Bank in the name of farmers on the basis of forged documents.
 
The loans were obtained in the names of sugarcane growers who are members of Gangakhed Sugar and Energy Pvt Ltd, a factory promoted by Gutte, under the ‘Harvest and Transport scheme.’ It is alleged that most of the sugarcane growers who were granted loans never existed, some were dead and a few were not aware that loans were disbursed to them.
 
The alleged fraud came to light after one of the farmers approached UCO Bank in Gangakhed for crop loan. During verification, it was found that he had already taken some loan amount from Andhra Bank, Dharampeth Branch, Nagpur. The amount was outstanding against him. Accused Gutte is father of Vijay Gutte, Director of Bollywood film, “The Accidental Prime Minister” (movie based on former Prime Minister Manmohan Singh). Last year, Vijay was arrested for an alleged Goods and Services Tax (GST) fraud of over Rs 34 crore.