'UP industrialist may be another Nirav Modi in making'

MEERUT(UP): In a letter to UP minister of state for sugarcane development Suresh Rana, Union MoS for HRD Satya Pal Singh has warned that industrialist Umesh Modi, who owns two sugar mills with over Rs 450 crore dues pending to farmers, might be "another Nirav Modi in the making".

In the letter dated December 2, a copy of which is also marked to UP CM Yogi Adityanath, Singh wrote, "There is Rs 312 crore pending on Malakpur sugar mill and Rs 150 crore pending on Modi sugar mill - both of them are owned by Umesh Modi. In the last balance sheet of 2012-13, which was submitted by Malakpur sugar mill to the Registrar of Companies, it was found that instead of clearing farmers' dues, it had diverted Rs 231.76 crore to other companies of its group, like Modi Energy, Modi Securities and others." The Union minister, who is also Baghpat MP, said he had even flagged off the issue to the former UP CM Akhilesh Yadav.

Comparing Umesh Modi to fugitive diamond trader Nirav Modi, Singh wrote, "I am afraid that Umesh Modi - just like Nirav Modi - will flee from the country after usurping money of the poor farmers."