Mumbai: CBI Investigates Pune Firm For Alleged ₹12.67 Crore Fraud Against SBI

Mumbai: The CBI has launched an investigation against a Pune-based company, its partners and a State Bank of India (SBI) official for allegedly cheating the bank to the tune of Rs 12.67 crore.

About The Case

According to sources, Satish Kumar, deputy general manager, Administrative Office, Pune, submitted a written complaint alleging that the real estate company and its partners entered into a criminal conspiracy with a relationship manager of SBI Pune and cheated SBI to the tune of Rs 12.67 crore by way of availing term loan of Rs 25 crore. The firm was sanctioned the term loan for construction of a residential project at Hinjewadi, Pune, a CBI official said.

“An amount of Rs14.26 crore was disbursed by the relationship manager to the borrower firm without proper approval. During inspection, it was revealed that the excavation work at the site had started but immediately it was stopped. Disbursement of term loan was not done as per the physical progress of the project,” the official said.

The account of the borrower was declared as fraud and turned into an NPA earlier this year.