ACOAM-Lup demands investigation into loan scam
Source: The Sangai Express

Imphal, May 22 2018: Expressing shock at the reports of one Mahendrakumar Jain, proprietor of MR Roller Flour Mill located at Mantripukhri, taking a loan of Rs 8 crore from SBI MG Avenue by using forged land ownership documents, the All Clubs Organisation, Association Meira Paibis Lup (ACOAM-Lup), Kangleipak, has demanded the authorities concerned to investigate into the matter at the earliest considering the immense hardships faced by the native entrepreneurs in availing any kinds of loans from the bank.

Speaking to media persons at ACOAM Lup office, opposite to Lamphel DC complex today, the association's working president Chandramani Khumancha said that the native entrepreneurs of the State often have to run hither and thither to get loans for any business ventures which can generate employment for the people.

But it is shocking how Mahendrakumar Jain was able to easily get a loan of Rs 8 crore from SBI MG Avenue and that too with forged land documents, he added.

Stating that it would not be right for the State Government to brush the issue aside, Chandramani said that it would not be wrong to suspect involvement of many individuals/officials in the matter.

He further added that ACOAM Lup will inform SBI Chief Manager, Regional Head and Mumbai Head Officer to investigate the matter at the earliest.

Claiming that the Government is carrying out various drives to collect tax from the people running small shops and business establishments, Chandramani explained that Mahendrakumar Jain has not been paying his taxes since 2015-16 and asked how the Government and the authority concerned missed him in their drives.

Questioninghow the Industry Department provided power subsidy to the flour mill run by the said individual, Chandramani said that the association is disappointed with the manner a huge loan was given to such individual while at the same time denying such loans to the deserving and hardworking native entrepreneurs.

He added that the association will also submit a complaint to the State Vigilance Commission investigate the matter at the earliest.

Mahendrakumar Jain withdrew the loan of Rs 8 crore through his account at SBI MG Avenue by using forged land documents.

His flour mill located at Mantripukhri is reportedly covered under labour subsidy, industry and power subsidy of the Government.

The said mill has failed to file any income tax return since 2015-16 apart from keeping no stock or case records.

It may be mentioned that Mahendrakumar Jain is staying at Thangal Keithel and there are reports that he has around Rs 200 crore worth of land and flats at various parts of the country including Guwahati, Delhi, Mumbai, Jaipur and Bangalore.

Mahendrakumar Jain is allegedly planning to sell off his flour mill and flee the State, Chandramani added.

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