CBI Busts Major Bank Fraud & Corruption Scheme, Seizes Jewellery Worth Lakhs from SBI Branch Manager and Middlemen
(Judicial Quest News Network)
The Central Bureau of Investigation (CBI) has registered two separate cases on March 25, 2025, involving a significant bank fraud and corruption scheme, implicating the then Branch Manager of State Bank of India (SBI) in Karimganj, Assam, and two private middlemen. The accused are charged with disbursing Xpress Credit Loans to ineligible borrowers between 2023 and 2024 in exchange for bribes.
According to allegations, the Branch Manager conspired with the middlemen to approve loans for individuals who did not meet the eligibility criteria, collecting illegal kickbacks from borrowers in return.
CBI conducted extensive searches across four locations, including Gaya (Bihar), Hailakandi (Assam), and two sites in Silchar (Assam), where they recovered substantial amounts of jewelry, including 481 grams of gold, 11.11 grams of diamond, and 1,092.80 grams of silver. Additionally, incriminating documents, such as transaction records with middlemen, invoices for jewelry purchases, Xpress Credit loan paperwork, and various electronic devices—including a computer SSD, mobile phone, and tablet—were seized from the Branch Manager’s residence in Silchar.
The investigation is ongoing as the CBI continues to probe the extent of the fraud and the involvement of other individuals in the scheme.
