Indore: Industrialist arrested for defaulting on Rs 10 crore bank loan

Sunil Patani arrested by DRT inspector and taken to Jabalpur. His two brothers are absconding

Indore: Amid unearthing of several bank frauds, Debt Recovery Tribunal (DRT) Jabalpur on Wednesday arrested a city industrialist for defaulting on Rs 10 crore bank loan. He had been overlooking DRT’s recovery notices since 2003.

This is the third arrest made by DRT Jabalpur from the city in last two months. Two months back, defaulter Ramlochan Soni was arrested from the city. On February 21, 2018, the team raided house of industrialist Mahavir Badasaria. The latter was not present in the house.

Sources said that a team of DRT Jabalpur led by inspector Deepak Pachouri landed in the city on Tuesday for the raid. The team raided residence of industrialist Sushil Patani at Jawahar Marg on Wednesday morning and arrested him. He was later taken to local head office of State Bank of India at Yashwant Niwas Road.

Later, the team along with Patani left for Bhopal en route to DRT Jabalpur by Jana Shatabdi Express train. Sources said that the team had to arrest Sushil’s two brothers Sumit Prakash and Sunil Patani too. However, they were not present at the time of raid. The DRT has passed order for recovery Rs 6,30,17000 in 2004. After adding interest and penalty, the due amount has soared to around Rs 10 crore.

Patani brothers had taken loan from State Bank of Mysore for their factory Patani Engineering in Pithampur. For the last 14 years, Patani brothers had been leading a luxuries life and evading DRT notices. Sushil Patani’s children live in Mumbai and Pune.

On February 21, 2018, DRT team had raided residence of veteran industrialist Mahavir Bidasaria in BCM Paradise Building for recovery of Rs 100 crore loan. Though industrialist was not found in the house, the team had asked family members to ask Bidasaria to surrender. Recovery inspector Deepak Pachouri had also initiated property seizure process against Flat no 1503 of BCM Paradise Building.