Mumbai Crime: CBI Books Realty Firm, Directors In Alleged ₹26.55-Crore SBI Bank Fraud Case
The CBI has registered an FIR against a Mumbai-based realty firm and its promoters/directors for allegedly causing a wrongful loss of Rs 26.55 crore to SBI. The agency alleged diversion of project finance funds, submission of a questionable CA certificate and cheating the bank.
The CBI has registered an FIR against a Mumbai-based realty firm and its directors over an alleged ₹26.55-crore fraud involving SBI project finance | AI Generated Representational Image
Mumbai, July 22: The Special Task Branch of the Central Bureau of Investigation (CBI), Mumbai, has registered a case against a realty services company and its promoters and directors for allegedly causing a loss of Rs 26.55 crore to the State Bank of India (SBI).
Loan Sanction And Alleged Irregularities
According to the CBI, the case is based on a written complaint by M. Sanjeev Kumar, Deputy General Manager, SBI Administrative Office, Pune.
As per the complaint, during the period from 2017 to 2020, the borrower company, which has its registered office in Andheri, was sanctioned a term loan of Rs 25 crore under the project finance scheme in July 2017 for a project located at Hinjewadi in Pune.
"It has been alleged in the complaint that at the time of the last disbursement, the company submitted a chartered accountant's certificate wherein the total cost incurred till September 2018 was Rs 39.90 crore, out of which the construction cost was Rs 29.25 crore. However, as per the books of account, the actual construction cost was Rs 17.88 crore only, which makes the CA certificate questionable," the CBI stated in its FIR.
Funds Allegedly Diverted
The promoters allegedly availed of the full loan disbursement, while only 50 per cent of the project was completed. The funds provided by the bank were allegedly diverted through loans and advances given to an associate concern. Later, due to non-payment of dues, the account turned into a non-performing asset (NPA) in December 2020 and was declared as fraud in March 2025, officials said.
The FIR further claimed that the accused colluded in committing criminal acts such as diversion of funds, misappropriation of funds and criminal breach of trust. The offences were allegedly committed with the intention of making unlawful gains while causing wrongful loss to the bank.
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A case has been registered by the CBI under relevant provisions of the Indian Penal Code and the Prevention of Corruption Act on charges of criminal conspiracy, criminal misappropriation, cheating and criminal misconduct.
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