CBI Registers Case Against A Private Company & Others On The Allegations Of Cheating The Banks, And Conducts Searches

(Judicial Quest News Network)

The Central Bureau of Investigation has registered a case on complaint from State Bank of India against a private company and others including its Managing Director; Director & unknown public servants/unknown others on the allegations of cheating State Bank of India and other consortium member banks to the tune of Rs.862.06 crore(approx) during the period 2009 to 2017. It was further alleged that during the period 2009 to 2017, the accused were sanctioned Credit facilities under consortium banking which were enhanced from time to time. It was also alleged that the Directors of said private company in conspiracy with others manipulated the books of accounts, diverted the funds released by banks and thereby cheated seven consortium member banks including State Bank of India to the tune of Rs.862.06 crore(approx).

            Searches were conducted at 9 locations including residential and office premises of accused at Mumbai, Kolhapur etc.

            Investigation is continuing.