used for payment of ECGC premium. Criminal Appeal No. 2891 of 2023 Page 2 of 114. It was alleged that the Company requested Lal Darwaja Branch of the Bank at Ahmedabad, to open a Standby Letter of Credit (SBLC) for an amount of USD 15 million in favour of Apple Commodities Ltd in Hong Kong for the supply of coal. Under the said facility, while the Bank had to pay USD 15 million to the banker of Apple Commodities Ltd., the Company neither imported the coal to India nor was any payment arranged from the overseas buyer to whom the Company allegedly sold the coal. Similarly, the Company opened another SBLC for Euro 2.05 million in favour of Castleshine Pte. Ltd., Singapore, for the supply of a Continuous Hot Strip Mill for the proposed steel plant to be set up in Tanzania. The Bank had to pay Euro 2.05 million to the bank of M/s. Castleshine Pte. Ltd., though the Company did not procure any machinery. The allegation is that the Bank was put to an undue loss of Rs.436.74 crores, and there