Mumbai: The Central Bureau of Investigation (CBI) has registered a case against a Mulund-based private company and its directors for allegedly causing a loss of Rs57.03 crore to the State Bank of India (SBI).
According to the CBI, a written complaint was received on April 4 last year from Mukesh Kumar Singh, Deputy General Manager, SBI, Nashik, alleging that the borrower company was initially sanctioned cash credit facility of Rs10 crore on March 10, 2010, which was revised on January 6, 2012 to Rs25 crore, on September 7, 2023 to Rs30 crore and on November 13, 2015 to Rs30.75 crore.
LC & Loans sanctioned
The company was also sanctioned Letter of Credit (LC) facility of Rs15 crore on January 6, 2012, which was revised on September 7, 2013 to Rs25 crore. The company was also sanctioned term loan-I of Rs3.42 crore, term loan-II of Rs1.50 crore on March 10, 2010 and LC of Rs0.75 crore on January 6, 2012 for their business activities by eState Bank of Bikaner & Jaipur (eSBBJ), now merged with SBI.
The bank told the CBI in its complaint that the firm cheated eSBBJ by submitting fake stock statements showing inflated value of stock/ receivables. It is alleged that LCs amounting to Rs25 crore were devolved, and the beneficiary of these LCs were related entities with common directors. The actual sale/ purchase of goods and the transactions undertaken are only accommodative without involving any movement of goods, as per the complaint. It is further alleged that large scale diversion of funds were made through the associate concern including by opening LCs favouring associate/ group concerns. It is also alleged that the borrower submitted false documents showing infusion of capital of Rs7 crore to comply with terms of sanction.
