Mumbai: CBI Registers Case Against Borivali Construction Firm Partners For Alleged Rs 6.88 Crore Loss To SBI
The CBI has registered a case against partners of a Borivali West-based construction firm for allegedly causing a wrongful loss of Rs 6.88 crore to SBI. The firm reportedly mortgaged a flat already sold before the mortgage was created and diverted loan funds to pay a partner's income tax dues and related entities. The loan account later turned into an NPA, exposing the alleged fraud.
Mumbai: CBI Registers Case Against Borivali Construction Firm Partners For Alleged Rs 6.88 Crore Loss To SBI | Representational Image
Mumbai: The Central Bureau of Investigation (CBI) has registered a case against the partners of a Borivali Westbased construction firm for allegedly causing a wrongful loss of Rs6.88 crore to the State Bank of India (SBI).
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According to the CBI, the firm had approached the bank’s Vile Parle branch for an assetbacked loan to complete its ongoing project at Borivali West. A loan of Rs7.80 crore was sanctioned on December 28, 2018.
However, after the account became a non-performing asset , a fresh title investigation revealed irregularities in the mortgaged properties.
It was found that one flat mortgaged to the bank had already been sold under an agreement dated December 4, 2018, prior to the mortgage created on January 11, 2019.
The accused allegedly knew about the prior sale while offering the property as security. The CBI further said funds were diverted to pay income tax dues of a partner and transferred to related entities, causing wrongful loss to the bank.
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