CBI Books Bhiwandi-Based Company, Directors For Alleged ₹58 Crore SBI Fraud Over Loan Diversion & Falsified Financial Records
The CBI has booked a Bhiwandi-based agrochemical and polymer company and its directors for allegedly defrauding SBI of Rs 58 crore. The bank alleged loan diversion, falsified financial records, bogus export receivables and circular trading.
CBI Books Bhiwandi-Based Company, Directors For Alleged ₹58 Crore SBI Fraud Over Loan Diversion & Falsified Financial Records | File Pic (Representational Image)
Mumbai: The Central Bureau of Investigation (CBI) has booked a Bhiwandi-based company and its directors for allegedly defrauding State Bank of India (SBI) of Rs 58 crore.
The complaint by M Kalra, Deputy General Manager, SBI’s Stressed Assets Management Branch-II, Mumbai, concerns a manufacturer of agrochemicals, bulk intermediaries and PVC pipes and fittings, which trades in polymers.
According to SBI, accounts remained satisfactory until mid-2014, when devolved buyer’s credit and unrealised export and domestic receivables caused irregularities. The account was classified as a non-performing asset.
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A forensic audit began in December 2018, and SBI declared the account fraudulent in October 2019.
The bank alleged diversion and misuse of loans, repayment defaults, falsified stock statements and book debts, circular trading, bogus export receivables, unpaid export bills and unjustified shortterm loans to various parties, amounting to misappropriation of public money.
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