Naming and Shaming: Marquee Robber Barons of UCO Bank Ltd

It has been long standing demand that all PSBs should make public names (and amount looted) of BIG defaulters. However, perhaps due to lack of political will, such has not happened so far.

We are hereunder revealing names of FEW so-called industrialists who have literally looted large sums of UCO Bank (some of these companies have as many as 24-25 bankers, indicating that it was highly organised crime at biggest scale).

More alarming fact is that if forensic audit is done of these companies by competent agencies, it will be found that EACH of these companies engaged in bogus/fake billings to show fake turnover and fake profits.

1. SHREE GANESH JEWELLERY: In 2013-14 when co was showing too good to be true financials, we had written that we suspect of bogus billing. Now, current financials vouch for our claim. Shree Ganesh Jewellery

reported HUGE LOSS of 760 crores for FY15. Now, company has almost shut its bogus operations. As for 9 month ended Dec 15, on revenue few lac rupees,co has already reported LOSS of 90 crores. Mind it, these losses on almost nil revenue.

2.  REI  AGRO:  As early as in 2012 we had suspected this co of bogus financials. May sound unbelievable but it is true that this co has reported LOSS of Rs FIVE THOUSAND FOUR HUNDRED NIGHTY FOUR Crores for FY15.  Co has already reported LOSS of Rs SEVEN HUNDRED SEVENTY ONE Crores for 6 months. Results for Dec quarter could not be declared as many directors resigned and present strength of 2 directors is less than minimum statutory requirement of 3 directors for a listed co.

3. ARSHIYA LTD: We had suspected thief motive of its promoters as early as when stock was listed and continued upper circuit for months. It clear that stock was listed for market manipulations ONLY and not for genuine reasons. Initially co reported huge margins which were again too good to be true. Analysts were getting convinced about its so called "logistics story" and buy calls emanating from various quarters.

Arshiya has made LOSS of Rs 244 crores for FY15.  Loss for 9months in current year is Rs 161 crores.

It is no brainer that UCO Bank can NEVER RECOVER its dues from above 3 companies. And sooner or later, entire exposure will have to be written off as bad debts.

On Monday we shall try to reveal more names of BIG BIG ROBBER BARONS (who camouflage as industrialists) who have looted royally UCO Bank,brining the bank on the brink.

With such defaulters on its roll, UCO Bank likely to remain in BIG BIG TROUBLE for coming year(s)