CBI Registers ₹133.52-Crore SBI Bank Fraud Case Against Mumbai Firm's Directors, Conducts Searches

Mumbai, July 10: The Central Bureau of Investigation (CBI) on Friday conducted searches at multiple premises linked to the directors of a private company in Mumbai and Cochin in connection with an alleged bank fraud of Rs 133.52 crore.

Those booked have been identified as directors of M/s Furnace Fabrica (India) Ltd — A.R. Basheeruddin, Badri Prasad, Nezee Basheeruddin, Raiz Basheeruddin and Sanam Basheer.

CBI Conducts Searches

The CBI registered the case on Thursday on a complaint filed by the State Bank of India, Mumbai, against the directors of the private company, unknown public servants and unknown private persons for allegedly causing a wrongful loss of approximately Rs 133.52 crore to the complainant bank.

It was alleged that the accused persons entered into a criminal conspiracy and obtained higher credit facilities from SBI by allegedly submitting false financial information.

The accused persons further diverted and siphoned off the bank funds for purposes for which they were not sanctioned, causing loss to the bank, the CBI claimed in a statement.

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Investigation Continues

During the searches, incriminating material relevant to the investigation into the alleged fraud was recovered. The investigation is continuing to ascertain the full extent of the conspiracy, identify the role of all involved persons, including public servants and private individuals, and trace the end use of the loan funds, officials said.

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