CBI Registers a Case Against 7 in a Bank Fraud of Rs.1017.93 Crore, Conducts Searches in 9 Locations

(Judicial Quest News Network)

New Delhi, 15, May, 2023, The Central Bureau of Investigation has registered a case on 11.05.2023 on complaint from State Bank of India against a private company based at Raigarh (Maharashtra), its Directors/Guarantors; other private company based at Mumbai and unknown public servants & unknown persons on the allegations of causing loss of Rs. 1017.93 crore (approx) to State Bank of India and five other consortium member banks. It was alleged that the accused entered into a conspiracy during year the 2012 to 2017 to cheat the State Bank of India & other 5 consortium member banks i.e., Bank of India, Canara Bank, Indian Overseas Bank, Punjab National Bank & Bank of Maharashtra by way of availing Working Capital Limit, Term Loan and NFB limits to the tune of Rs. 812.07 crore (approx). It was further alleged that the accused in pursuance of the conspiracy, cheated the SBI and other 5 consortium member banks by way of fictitious sales/ purchase transactions & fudging of accounts and also siphoned off the funds resulting into non-payment of outstanding loans to the extent of Rs. 1017.93 crore (approx).

            Searches were conducted at 9 places including at Delhi, Mumbai, Raigarh & Thane (Maharashtra) at the residential & official premises of the accused which led to recovery of incriminating documents / articles.

            Investigation in continuing.