Axis bank scam by Kanoria brothers SREI 16,000 crores (160000000000)

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Axis bank scam by Kanoria brothers SREI 16,000 crores (160000000000)

https://scamsbreaking.com/news/indian-banks-aga...

The ScamsBreaking.com has unearthed the 16 thousand crores scam which has been commissioned at Kolkata by Kanoria Brothers. The forensic and legal due diligence has revealed various shocking facts about the scams.

Another ludicrous scam is being unveiled which would take anybody by surprise at the scheme that is being used by the Kanoria brothers in siphoning off money to the tune of 16000 crores INR into illegitimate and fake accounts. Huge amounts of money have been routed through transfer of funds to shell entities under false pretext, fraudulent documentation, creation of fake companies which existed only on paper etc which finally make its way to a SREI account. Through a well-planned strategy, the Kanoria family has smoothly funnelled over Rs. 16000 crores, one of the largest so far into their account.

The Kanoria Family runs three main businesses namely SREI Infrastructure Finance Limited (SREI), SREI Equipment Finance Limited (SEFL) and India Power Corporation Limited (IPCL). The SREI entities are funded by various banks while the IPCL is funded by Government institutions like Power Finance corporation etc.

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25 Comments  |  
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Sab fake bata rahe hein is news ko. Bol rahe hein ki Mummy ke gehne aur ghar girwi rakh ke company chalaa rahe hein, koi loan nahin hai without due diligence wala.

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saucap wrote:

Sab fake bata rahe hein is news ko. Bol rahe hein ki Mummy ke gehne aur ghar girwi rakh ke company chalaa rahe hein, koi loan nahin hai without due diligence wala.

haha, because there are other 19 to go and will likely include Adani Ambani. Just wait bro, Axis will fall down like casino chips.
They have done good analysis and are providing good evidence. You can watch their video too. And Axis is smartly wording their statements.

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saucap wrote:

Sab fake bata rahe hein is news ko. Bol rahe hein ki Mummy ke gehne aur ghar girwi rakh ke company chalaa rahe hein, koi loan nahin hai without due diligence wala.

They have listed all the subsidiaries and the related companies with loan amounts. sunglasses

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Deal Cadet
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time to withdraw assets from axis bank ?

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Entertainer
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Corona time per yeh koi apna hi plane laker jayenge desh se bahar… sad toungueout

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Deal Lieutenant
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vijkap201 wrote:

Corona time per yeh koi apna hi plane laker jayenge desh se bahar… sad toungueout

2020 toh khtam ni hua..kya pata yea v sach nikley

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Deal Baba
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F7-Dimer-Primer wrote:

They have listed all the subsidiaries and the related companies with loan amounts. sunglasses

Why do u seem so happy about it?

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vijkap201 wrote:

Corona time per yeh koi apna hi plane laker jayenge desh se bahar… sad toungueout

Won’t be surprised if it repeats again. These people must be very influential. All are equal, but some are more equal than others. Some are even permitted to hold dual citizenship (hint: Canada)!

And here we are fighting over Gaya, Nainital, Bastar, streamfest, supercoins.

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saymyname78 wrote:

time to withdraw assets from axis bank ?

not yet, too big to fail, RBI will save it. But very bad outlook for Axis, even they know this and the fundraiser was their life jacket.

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Awake wrote:

Why do u seem so happy about it?

I am happy that a scam got exposed.

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F7-Dimer-Primer wrote:

I am happy that a scam got exposed.

me 2 axis bank ke sare position future and option m short kr k rakho agr sach huaa to maja aajyega kuchi dino m lakh pati ban jayege stuck_out_tongue_closed_eyes

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Deal Cadet
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Yeh scam itna bada hai ki aap soch bhi nahi sakte

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Deal Cadet
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bakwas… no proof given

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vijkap201 wrote:

Corona time per yeh koi apna hi plane laker jayenge desh se bahar… sad toungueout

https://www.tajair-tata.aero. and have heard that Mallya Airlines tok is good.
although such type🧔🏼 people usually prefer “Adani Charter Services”.

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bargainhunter wrote:

bakwas… no proof given

https://www.livemint.com/companies/news/srei-le... sunglasses

Lenders to Srei group are planning to conduct forensic audits of two companies, Srei Infrastructure Finance and Srei Equipment Finance, two people aware of the development said.

Just wait for the party to start lol

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F7-Dimer-Primer wrote:

https://www.livemint.com/companies/news/srei-le... sunglasses

Lenders to Srei group are planning to conduct forensic audits of two companies, Srei Infrastructure Finance and Srei Equipment Finance, two people aware of the development said.

Just wait for the party to start lol

Yup…the share price hit double top. Free fall expected.

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Deal Newbie
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Sucheta Dalal wrote yesterday in her moneylife column about this development: https://www.moneylife.in/article/when-truth-is-...

She thinks the allegations are unsubstantiated. Personally have the same feeling too; the video has annoying loud music/voiceover, sensational script and fake sounding accent. Never heard of this scamsbreaking group either. But absence of evidence is clearly not evidence of absence.

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anuragwdg3210 wrote:

Sucheta Dalal wrote yesterday in her moneylife column about this development: https://www.moneylife.in/article/when-truth-is-...

She thinks the allegations are unsubstantiated. Personally have the same feeling too; the video has annoying loud music/voiceover, sensational script and fake sounding accent. Never heard of this scamsbreaking group either. But absence of evidence is clearly not evidence of absence.

yup, very balanced article. Very good conclusion "These examples only prove that allegations of large-scale siphoning of funds sound fairly credible, even when the source of the allegation seems dodgy. Until our regulators and investigation agencies step up their game, the risk of fake rumours, or genuine exposés suddenly decimating corporate entities, is something that investors will have to get used to. "

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ramadesidime wrote:

Yup…the share price hit double top. Free fall expected.

Down to 582.5 today.
Next support is 525.

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anuragwdg3210 wrote:

Sucheta Dalal wrote yesterday in her moneylife column about this development: https://www.moneylife.in/article/when-truth-is-...

She thinks the allegations are unsubstantiated. Personally have the same feeling too; the video has annoying loud music/voiceover, sensational script and fake sounding accent. Never heard of this scamsbreaking group either. But absence of evidence is clearly not evidence of absence.

I don’t know if the news is true or not but I wouldn’t believe an article/column. These can be manipulated so easily.

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Turururu

Top lenders to Srei form a panel to monitor loans
https://www.livemint.com/news/india/top-lenders...

The lead lenders to Srei are Axis Bank and UCO Bank.

According to Care Ratings, Srei Infrastructure’s long and short-term bank facilities stood at ₹11,117.71 crore and at ₹16,912.21 crore for Srei Equipment Finance.

“Srei’s loans would have slipped to the bad loan category had it not been for a 21 October order by the Kolkata National Company Law Tribunal (NCLT) that asked lenders to maintain status quo till further orders and prohibited coercive steps including changing the account status from standard," said the person cited above.

Open to other resolution plans: Srei’s Kanoria
https://www.livemint.com/companies/news/open-to...

Why did you move the National Company Law Tribunal (NCLT) without taking prior approval of all lenders?

Srei’s consolidated debt, as of now, from Indian banks, is ₹20,000 crore. The company has paid more than ₹30,000 crore interest to banks in the past three decades and about ₹20,000 crore as principal, always on time. The present imbroglio got created due to a never-before-seen pandemic. It got further compounded as payments of our borrowers have been stuck with government agencies and arbitration awards remain unresolved due to intermittent operations of courts because of covid. All these factors have led to a cash-flow mismatch. However, the underlying assets against our loans and receivables are substantial to repay our creditors in an orderly fashion. We have moved NCLT to structure an orderly repayment of our loans. We have so many creditors, and NCLT gives us a platform to address all creditors in one go.

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SREI Group Gets 6 Months Moratorium Order from NCLT, Leaving Retail NCD Investors in Lurch

https://www.moneylife.in/article/srei-group-get...

In an alarming development for retail investors of Kolkata-based non-banking finance company (NBFC), SREI group has apparently frozen interest payments and redemptions of its non-convertible debentures (NCD) from 1 January 2021 to 30 June 2021. This is the result of an order from the National Company Law Tribunal (NCLT). However, the freeze on interest payment and redemption of NCDs has hit hard the retail bond investors, many of whom are senior citizens, who rely on the interest payments for their day-to-day living.

In a statement, SREI group said, “For the first time in our history, and due to COVID-19 and key regulatory compliances, we are compelled to defer payments to creditors including NCDs. All payments will be rescheduled through the proposed schemes. Please have patience as we value your long-term confidence.”

SREI group, with its two NBFCs, SREI Infrastructure Finance Ltd (SIFL) and SREI Equipment Finance Ltd (SEFL), has a large footprint in infrastructure and finance and has been in the news over the past couple of months for the wrong reasons. The group approached the NCLT in December-end without taking prior approval of the lenders.

Last week, Catalyst Trusteeship (debenture trustee for the bonds) sent emails to all the bond-holders with a copy of the NCLT order. The attached document says, “an application filed by SREI Equipment Finance under Section 230 of the Companies Act 2013 before the NCLT, Kolkata Bench being CA No. 1492 / KB / 2020, proposing a scheme of arrangement with: all the secured or unsecured NCD holders of the company; all the foreign lenders from whom the Company had availed secured or unsecured external commercial borrowings; and all the perpetual debenture holders of the Company.”

The order further says, “…we direct that in the meantime till further orders, the creditors (including representative security or debenture trustees) of the applicant company covered under the scheme shall maintain status quo with respect to their respective contractual terms dues claims and rights and the creditors (including security or debenture trustees).”

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saucap wrote:

Sab fake bata rahe hein is news ko. Bol rahe hein ki Mummy ke gehne aur ghar girwi rakh ke company chalaa rahe hein, koi loan nahin hai without due diligence wala.

Ab batao bhai haha imp

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Earlier in November last year, the RBI had appointed an auditor to undertake special audits of Srei Infrastructure Finance and its subsidiary Srei Equipment Finance. The special audit was directed by RBI to examine Srei’s possible links with the beleaguered IL&FS- India’s largest shadow bank which collapsed in mid-2018, shrinking the bond market and unsettling regulators. The audit is also expected to track the end-use of the money lent by SREI firms against ‘letter of awareness’ issued by the IL&FS group. It seems RBI (as regulator) might have woken up a tad too late.

In November, it was reported that a few lenders to the Srei group were expected to approach the National Company Law Appellate Tribunal (NCLAT) over Srei’s move to reconsolidate its assets in a separate group company in potential breach of loan covenants.

On 14th December, a hitherto unknown website, called scamsbreaking .com, stirred up a social media storm with stunning allegations that Axis Bank had lent a stunning Rs44,000 crore to the group without adequate due diligence and that the funds were siphoned off.

At a meeting of bank chiefs on 19 December 2020, bankers formed a committee comprising general managers from five top lenders to Srei in order to streamline decision-making and plan the future course of action related to both the Srei NBFCs. Lenders were supposed to finalise the scope of the forensic audit and were in the process of picking an auditor.

In mid-December, the Hyderabad bench of NCLT dismissed the petition of Srei Infrastructure Finance seeking status as ‘creditor’ of Hyderabad headquartered ailing media house Deccan Chronicle Holdings, clearing the decks for insolvency resolution process. Srei Infrastructure Finance Ltd had earlier moved the tribunal against the decision of the interim resolution professional (IRP) (KK Rao) terming it a ‘related party’ after it converted debt into equity to emerge as the largest shareholder in Deccan Chronicle Holdings.

Hemant Kanoria, chairman of Srei Infrastructure Finance Ltd, in an interview with Mint, admitted that there is a cash-flow mismatch but added that “the underlying assets against our loans and receivables are substantial to repay our creditors in an orderly fashion. We have moved NCLT to structure an orderly repayment of our loans. We have so many creditors, and NCLT gives us a platform to address all creditors in one go”. He has however said that he is “open to any other suggestions from bankers.” He has also sought to play down all the allegations saying that RBI’s special audit will soon get over and it will quell all unnecessary speculations.

In its research note released yesterday, Emkay stated “The stress of small and medium enterprises can be largely contained via the emergency credit line guarantee scheme (ECLGS) and restructuring. Within corporates, Srei group, Future Retail, Shapoorji Pallonji and MMTC remain stressed.”

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