According to The Times of India, Rajasthan police have arrested former State Bank of India (SBI) chairman Pratip Chaudhuri from his Delhi residence in connection with an alleged loan scam involving a hotel in Jaisalmer.
The case concerns Godawan Group properties, which received a Rs 24-crore loan from SBI in 2008 to build a hotel.
According to the report, Chaudhuri is accused of selling properties worth Rs 200 crore for Rs 25 crore after the bank seized them due to loan default.
When Chaudhuri was chairman of SBI, the Godawan properties were allegedly sold to Alchemist Asset Reconstruction Company (ARC). The property's market value was estimated to be Rs 160 crores in 2017, according to the report. After the properties were sold for a lower price, the Godawan Group went to court.
Following his retirement from SBI, Chaudhuri joined Alchemist ARC as a director. Property costs are currently estimated to be around Rs 200 crore.