Mumbai: CBI books 2 pvt firms, directors in Rs15 cr bank fraud case

The Central Bureau of Investigation (CBI) has registered a criminal offence against two private companies and their directors on the complaint of the State Bank of India (SBI) for having allegedly caused a wrongful loss of Rs15.40 crore to the bank.

Somendra SharmaUpdated: Monday, January 02, 2023, 02:54 AM IST
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Mumbai: The Central Bureau of Investigation (CBI) has registered a criminal offence against two private companies and their directors on the complaint of the State Bank of India (SBI) for having allegedly caused a wrongful loss of Rs15.40 crore to the bank.

According to the CBI, a complaint was received in December 2020 from Dipesh Raj, Deputy GM, SBI, against two private companies, both having their offices at Malad, and their directors and other unknown persons. "It was informed in the complaint that one of the companies trading in fabrics and garments had approached SBI Commercial Branch, Saki Naka, in November 2007 and got sanctioned cash credit limit of Rs4 crore and Rs1 crore as non-fund based limit (LC) from the said branch. The said credit facilities were enhanced and renewed from time to time," the agency claimed in its FIR.

"Further it was revealed that during March 2012, the company requested temporary overdrawing of Rs2 crore, to which the branch acceded. However, later the company opened accounts with other banks through which it started realising/routing its sales proceeds while misrepresenting to SBI with the dishonest intention that it was facing a cash crunch and required overdrawing and making the bank release funds in the form of overdrawing," the CBI alleged in its FIR.

"The systematic diversion of funds coupled with the false representation to the bank that the company was facing a cash crunch shows the dishonest intention on the part of the company and its management. It is also revealed that the borrowing company got issued six LCs of Rs25 lakh from the bank during the period from January 2012 to March 2012, although the beneficiary of the said LCs were shell companies which clearly established misappropriation of funds with dishonest intention," the FIR further alleged.

"The said fraudulent activities carried out under the control and supervision of directors, in collusion with other related parties amounting to a serious criminal offence such as cheating, forgery, criminal misrepresentation and misappropriation with dishonest intention of cheating the bank, resulted in wrongful gain to the company and corresponding wrongful loss to the bank to the tune of Rs15.40 crore along with interest," the FIR alleged.

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