Mumbai Unit Of CBI Cracks Down On ₹145 Crore Banking Fraud, Ahmedabad Jewellery Firm Under Scanner

Mumbai: The Mumbai unit of the CBI has registered a case against Ahmedabad-based jewellery firm M/s JJPL and others on March 9 for allegedly committing a bank fraud of ₹145 crore.

According to the CBI, a written complaint was filed by the State Bank of India (SBI) deputy general manager about alleged criminal conspiracy, cheating and criminal misconduct by JJPL, its directors and others. The consortium led by SBI, with Bank of India (BOI) and Indian Overseas Bank (IOB) as member banks, was allegedly cheated (₹73.50 crore for SBI, ₹45.89 crore for BOI and ₹26.30 crore for IOB) as on December 31, 2025, causing wrongful loss.

As per the FIR, JJPL availed fund-based credit facilities under a consortium arrangement. JJPL was last sanctioned fund-based credit limits of ₹187.82 crore in 2012-13. The CBI said the account was restructured by the consortium in September 2013 but JJPL could not meet its repayment obligations as per the restructured terms. Hence, the restructuring failed and the account was classified as a NonPerforming Asset (NPA) in 2013.

According to the FIR, after JJPL’s account turned NPA, the banks conducted separate forensic audits, finding collusion in the commission of illegal activities, including manipulation of accounts, diversion and misappropriation of funds and related-party transactions. Each bank subsequently declared the account as fraud and reported the matter to the Reserve Bank of India.

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