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New Delhi: The Rajasthan Police on 1 November arrested former State Bank of India (SBI) chairman Pratip Chaudhuri in connection with an alleged loan scam.

His arrest was in compliance with an order by the chief judicial magistrate (CJM) court in Jaisalmer, which issued non-bailable warrants against the banker, after accepting a protest petition filed by former directors of Hotel Gaudavan.

The petitioners alleged the former SBI chairman had sold their Rs 200 crore-worth property for just Rs 25 crore, when the owners defaulted on a loan, to a company named Alchemist Asset Reconstruction Company Limited. Chaudhuri, the complaints claimed, joined the board of Alchemist after his retirement.

According to an SBI statement, the complainants had secured a Rs 25 crore loan from the bank in 2007. On their failure to pay up, recovery efforts were initiated and the dues were assigned to Alchemist, an asset reconstruction company (ARC), in March 2014. The sale of ARC was done through a laid-down process in line with the bank’s policy, the statement said. 

ThePrint explains what is a protest petition, who can file it and its relevance under criminal jurisprudence. 


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Not defined under criminal procedure code 

Protest petition is a representation…

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