CBI Initiates Probe Against Nashik Firm For ₹7.32 Crore SBI Loan Fraud Over Fund Diversion And Asset Misappropriation

Mumbai: The Central Bureau of Investigation (CBI) has initiated a probe against a Nashik-based private company engaged in the business of manufacturing shrink wrappers, for allegedly causing a wrongful loss to the State Bank of India (SBI) to the tune of Rs 7.32 crores.

The bank in its complaint to the CBI has alleged that the accused borrower fraudulently diverted the funds from the loan accounts to various other accounts for potential routing transactions.

According to the CBI sources, the probe has been initiated after a written complaint was recently received from Amit Swaroop, chief manager, operations, SBI, stating that the borrower company was sanctioned cash credit facility and term loan by SBI on various occasions between the year 2013 to 2017, totaling to Rs 11.05 crores.

The bank in its complaint has alleged that the accused borrower manipulated books of account and stopped submitting the stock statements after 2016-17.

"The accused borrower fraudulently diverted the funds from the loan accounts to various other accounts for potential routing transactions. The account turned NPA on 06.04.2018. The account was moved to NCLT on 10.10.2019 and hence, resolution professional (RP) was appointed. Possession of the factory of the borrower company was handed over to the RP and during this process machinery worth only Rs 4 lakhs were handed over to the RP whereas as per the valuation report given by the bank valuer, the company was having plant and machinery worth Rs 4.46 crores and inventory of Rs 3.77 crores were appearing in the books of accounts," the bank in its complaint stated.

"Thus, prima-facie, the accused company and the accused persons of the company clandestinely removed the hypothecated goods and diverted the loan amount. Further, the account was declared fraud on 20.09.2023. The accused company and accused persons in criminal conspiracy with unknown public servants caused wrongful gain to themselves and wrongful loss to the bank to the tune of Rs 7.32 crores and thereby, caused offences of cheating, dishonest misappropriation of property, criminal breach of trust, criminal conspiracy and criminal misconduct by abuse of official position by unknown public servants of the bank," the complaint stated.