CBI Begins Probe In ₹12.08 Crore Fraud Involving Navi Mumbai Construction Firm

Mumbai: The Central Bureau of Investigation (CBI) has launched an investigation into a fraud perpetrated by a construction company, its directors, and unknown public servants with the intent to defraud the Bank of India to the tune of Rs 12.08 crore.

About The Case

According to the CBI, the alleged fraud was committed between July 2013 and December 2021. The borrower company, having its office at Koparkhairane in Navi Mumbai, is engaged in the construction of residential real estate projects. The CBI had registered an offence on April 7, on the complaint of Sunil Chandra Mahto, deputy general manager, Andheri Asset Recovery Management Branch, Bank of India, Andheri.

The company was sanctioned a term loan of Rs 8 crore by the bank on July 5, 2013, to finance the cost of development and construction of a residential complex at New Panvel, Navi Mumbai. The company was also sanctioned a term loan of Rs 7 crore by the bank on October 31, 2013, to finance the cost of development and construction of another residential complex, also at New Panvel.