Mumbai: The Central Bureau of Investigation (CBI) has registered a case against a private company and its directors for allegedly causing a loss of Rs 160.55 crore to the State Bank of India (SBI). The bank, in its complaint, has alleged that the company utilised the loan proceeds with dishonest intentions, illegally diverted the funds, and manipulated books of accounts with the intention to defraud the bank.
SBI DGM files report
According to the CBI, a written complaint dated May 12, 2023, was received from Rajnish Ranjan Roy, DGM, SBI, against a private company engaged in the business of manufacturing transformer lamination and cores, along with its directors and unknown others. The complaint alleged that the accused borrower company availed a loan facility from SBI and utilized the loan proceeds with a dishonest intention to defraud the bank. The fraud took place at the SBI IFB Andheri (East) branch, from where the accused persons availed the loan facility and utilised the funds.
The loan account of the accused company was classified as NPA on 18.04.2012. The account of the said company was classified as fraud by the Fraud Identification Committee of SBI's Stressed Assets Resolution Group, Mumbai, in its meeting held on March 4, 2023. The account was reported as fraud to the Reserve Bank of India on March 21, 2023. The fraud perpetrated by the accused persons came to light during a Forensic Audit.
The company engaged in related party transactions and inflated its receivables/debtors statements to avail a higher drawing power, thus committing fraud upon the bank and causing a loss with the dishonest intention of gaining wrongfully. This was done by cheating and falsification of accounts. A case has been registered under sections 120B (criminal conspiracy), 420 (cheating and dishonestly inducing delivery of property), 467 (forgery of valuable security, will, etc.), 468 (forgery for the purpose of cheating), and 471 (using as genuine a forged document or electronic record) of the Indian Penal Code, along with relevant sections of the Prevention of Corruption Act
