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SBI clarifies on Pratip Chaudhuri’s case

The State Bank of India (SBI) on Monday issued a clarification in acase related to former state-owned Bank’s chief Pratip Chaudhuri, saying the assets were sold with due process in March 2014, after Chaudhuri retired from the bank in September 2013.

Multiple news outlets reported that the police has arrested former SBI chairman Chaudhuri from his Delhi residence in an alleged loan scam involving a hotel in Jaisalmer.

“Garh Rajwada was a hotel project in Jaisalmer, financed by the Bank in 2007. The project remained incomplete for over three years and the key promoter passed away in April 2010,” SBI said, adding that the account slipped into an NPA in June 2010 and various steps taken by the Bank to complete the project did not yield results.

The State Bank said the account dues were assigned to ARC in 2014 and it was done through a laid down process of the Bank’s policy.

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