Former SBI president Pratip Chaudhary has been arrested by the Jaisalmer Police from Delhi on the base of arrest orders issued by the Chief Judicial Magistrate Court in the case of dealing a hostel property at a cheap price after declaring it NPA.
Pratip Chaudhary was arrested on Sunday and will be brought to Jaisalmer on Monday.
According to information entered from the police, Pratip Chaudhary was arrested from his hearthstone in Delhi in a case related to a hostel group in Jaisalmer. It’s contended that the property worth about Rs 200 crore was vended for Rs 25 crore by declaring it Non Performing Asset (NPA).
This property, in fact, was seized in lieu of the loan.
According to the police, the hostel group had taken a loan of Rs 24 crore from SBI in 2008 for the construction purpose. At that time, another hostel of the group was running easily. After that, when the group couldn’t repay the loan quantum, the bank seized both the hospices of the group after considering it as anon-performing asset. At that time, the president of the bank was Pratip Chaudhary.
The bank also vended both the hospices to a company for Rs 25 crore at a much lower price than the request rate. On this, the hostel group went to court.
Meanwhile, the buyer company took over it in 2016 and when this property was valued in 2017, its request value was plant to be Rs 160 crore. At the same time, after withdrawal, Pratip Chaudhary joined the same company as a director to which this hostel was vended. At present, the value of these hospices is being estimated at Rs 200 crore.
In this case, the CJM Court of Jaisalmer ordered the arrest of Pratip Chaudhary.