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Kanpur-based diamond trader Uday Desai dips Rs 3635 crore from 14 banks

uday desai kanpur

At present, there are similar NPAs in their 14 banks.

uday desai kanpur

Kanpur-based diamond businessman Uday Desai has sunk Rs 3635 crore from 14 banks. In these banks, more than a dozen accounts of their half-dozen companies have become NPAs. This is the second-biggest case of bank money after Pen King Vikram Kothari. Several companies took loans of more than three thousand crore rupees between 2002 and 2010, including Uday Desai’s companies M / s Frost International Limited and Frost Infrastructure and Energy Limited. After years of running loan installments and increasing the limit continuously, their accounts started getting NPA in the year 2018. At present, there are similar NPAs in their 14 banks. Even after issuing demand notices continuously, banks did not get the loan amount returned from their companies. Now Bank of India has taken over properties in Mumbai, Kanpur and Gurgaon. Many properties are still in a condition of being seized and many are in the process of auction.


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