Mumbai: The Central Bureau of Investigation (CBI) has initiated a probe against a private firm for allegedly causing loss of over Rs 16 crore to the State Bank of India.
Complaint by SBI
According to the CBI, a complaint was received from Kumar Parimal Prem, deputy general manager, SBI, Administrative Office, Pune, alleging that a Pune-based borrower company, a registered partnership firm, which is engaged in real estate and construction activities, and its partners in criminal conspiracy with unknown bank officials and private persons, cheated the bank to the tune of Rs 16.35 crores by fraudulently availing credit facilities.
Modus Operandi
"The complaint discloses that the accused persons entered into a criminal conspiracy during the period 2017 to 2023, with the intent to cheat SBI, Small Industries Branch, Pune to avail loan by way of misrepresentation of data and fraudulent diversion of the funds disbursed under credit facilities sanctioned by the Bank for a project for construction of residential apartments in Pune. The borrower company and its partners with fraudulent and dishonest intentions submitted false financials of the company by misrepresenting their net-worth and source of funds for margin money required for the project, false CA and engineer's certificate for disbursement of credit facilities," the CBI stated.
Misappropriation of Funds
"The accused persons fraudulently diverted and utilized the disbursed funds for purposes other than what it was sanctioned for. Thus, the accused partners misappropriated the bank funds and thereby, cheated and caused wrongful loss to the tune of Rs 16.35 crores to the SBI and corresponding wrongful gains to themselves. The partners failed to service the installments and interest of the loans and accordingly, the account of the company was classified as NPA on 31.03.2023. The account was classified as fraud on 28.02.2024," said a CBI official.
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FIR Registered
Based on the complaint of the bank, the CBI has registered an FIR on charges of bank fraud under the relevant sections of the Indian Penal Code and Prevention of Corruption Act.
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