Munde accuses sugar factory head of fraud

Nagpur: Leader of Opposition Dhananjay Munde has alleged that chairman of Gangakhed sugar factory, Ratnakar Gutte, cheated 26,000 farmers and banks of Rs 5,500 crore by taking fraudulent loans in the name of farmers without their knowledge and banks sanctioned those without sufficient security. Mr Munde demanded Mr Gutte’s arrest and alleged that government is shielding him. Chairman Ramraje Naik Nimbalkar instructed the government to investigate the matter through SIT (Special Investigation Team) immediately.

Mr Munde alleged in the council, “Gutte got these loans by setting up 22 shell companies in his name and in the name of his family members. Gangakhed Sugar  factory had taken a loan to purchase 600 vehicles which were used in the factory and farmers paid installments to the factory, but those were not repaid to the banks. Now banks have issued notices to the farmers. Mr Gutte took crop loans in the name of the farmers. SIT is investigating the matter since one year. Offence is registered under same sections which are applied against DSK group, but Mr Gutte has not been arrested.”

Mr Gutte allegedly obtained loans of Rs 5,500 crore on the basis of bogus documents. As per rules, loans can be given up to the 60 % of the paid capital.