Forty of its brands were at least a century old. With the expiry of the RBI deadline, the CRB Group collapsed, shattering the dreams of thousands of investors across the country.1. 1] The total money involved in the CRB scam was Rs 932 crore, which included Rs 133 crore to banks, Rs 6 crore to the Unit Trust of India, Rs 100 crore to corporates, Rs 229 crore through the CRB Mutual Fund, Rs 186 crore to individual depositors and Rs 258 crore raised through equities. However, Bhansali did not show up. For reprint rights: Syndications Today, Click here to get the latest issue for FREE, CRB scandal: Small investors are unlikely to recover their deposits with the scam-hit firm. In any case, the exposure is far in excess of the limit - 30 per cent of net worth - stipulated under Section 370 of the Companies Act. CBI had registered various cases against CRB chairman Chain Roop Bhansali, some SBI officials and others for duping Bank of Baroda and State Bank of India of Rs 3.43 crore and Rs 57 crore, respectively, in 1997. If such is the case, it is money down the drain. /* 336x280 (April-14) */ ... More. Currently the CRB classifies and registers contractors into seven classes under five … google_ad_client = "ca-pub-3862952639378901"; Berkeley Haas Forum on Sustainable Business in Practice Executive Director of the Center for Responsible Business, Robert Strand moderates a discussion among a panel of alumni about their Haas student experience, career journeys, and unique perspectives on how sustainability can be a source of innovation and leadership across industries. The RBI is currently valuing CRB's assets (what it has lent) and its liabilities (its borrowings) on the basis of the company's 1995-96 balance sheet, the last available. Organization : CRB Group / SEBI The CBI froze the bank accounts of the group companies and seized incriminating files and other documents from the residence of the vice-president of the CRB group in Mumbai.