Mumbai: The Central Bureau of Investigation (CBI) has registered a case against a private company engaged in manufacturing starch and its derivative products for allegedly causing a loss of Rs 56 crore to the State Bank of India (SBI).
According to the CBI, a written complaint had been received from Jyoti Kumar, DGM & Branch Head, SBI, Mumbai, against the borrower company, having its offices in Mumbai and Ahmedabad and its directors and unknown public servants and unknown others for the offences of criminal conspiracy, cheating, forgery, dishonest misappropriation of property, criminal breach of trust, falsification of accounts and criminal misconduct, etc., thereby causing wrongful loss to the complainant bank and corresponding wrongful gain to themselves to the tune of Rs. 56.21 crores.
"It is alleged in the complaint that the company, in connivance with its promoters, directors and related parties, group companies, indulged in a systematic pattern of fraudulent financial transactions involving manipulation of books of accounts, diversion and siphoning of bank funds, creation of fictitious receivables balance, misappropriation of inventories, suppression of related party disclosures, profit shifting among group entities and submission of false stock statements to SBI, thereby misleading the bank and causing wrongful loss to the lending institution," the CBI stated in its FIR.
The fraud perpetrated by the accused persons came to light when the forensic auditor submitted its report in September 2023. The period covered in the report is from April 2015 to November 2019. The fraud has taken place with the bank wherein credit facilities were availed by the borrower company, where the accused persons, through the borrowing entity, in conspiracy with each other and unknown others, had obtained the credit facilities by misrepresentation, deception and inducement and misappropriated the funds of the bank by entering into transactions with dishonest intentions to cheat the bank and to gain unlawfully, which violated the terms and conditions of sanction of the credit facilities, the FIR stated.
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