The Central Bureau of Investigation (CBI) has registered a case against a private company and its officials for allegedly cheating the Small Industries Development Bank of India (SIDBI) and eight other lenders to the tune of Rs141.88 crore.
According to the CBI, a written complaint dated July 20, 2023, was received from Peri Rama Kristina, deputy legal adviser-cumgeneral counsel, SIDBI, Bandra, on behalf of the bank and other lenders, which included various public sector banks, central government financial institutions, private banks and financial institutions in the matter of fraud committed by a private company.
Company inflated asset figures for credit
It is alleged in the complaint that the company inflated the figures of asset under management (AUM) as Rs391 crore for obtaining loans / credit facilities from the lending entities, whereas actual AUM of the company was only Rs140 crore. The gap of Rs250 crore in AUM is non-existent and the same was managed by the accused persons through fictitious disbursements and withdrawals.
It is further alleged that there were unauthorised withdrawals of cash and diversion of funds of the company to various entities and unknown persons, a CBI official said.