Mumbai: The Central Bureau of Investigation (CBI) has booked an agricultural commodities trading firm and two of its directors for allegedly cheating the State Bank of India (SBI) of ₹11.36 crore by obtaining loans through misrepresentation and failing to repay them.
The case was registered on June 17 based on an SBI complaint against Zusak E Private Limited, its directors, unknown public servants and others.
According to the bank’s complaint, the alleged fraud came to light after an internal investigation report was submitted in September 2022. The bank alleged that the accused conspired to obtain credit facilities through deception and inducement before misappropriating the bank’s funds.
The FIR lodged by the CBI states that the loan account of Zusak E Private Limited turned into a non-performing asset (NPA) in June 2022. It was classified as a fraud in December 2025 and reported to the Reserve Bank of India in January 2026, with outstanding dues of ₹11.36 crore.
The complaint further alleged that the firm violated the terms and conditions of the sanctioned credit facilities after availing the loans.
A stock audit conducted in July 2020 reportedly found that the genuineness of the firm’s business transactions could not be established due to the absence of a proper place of business and supporting documents for outstanding bills. It also found that the available stock was more than 10 months old and had crossed its expiry date.
{{/usCountry}}A stock audit conducted in July 2020 reportedly found that the genuineness of the firm’s business transactions could not be established due to the absence of a proper place of business and supporting documents for outstanding bills. It also found that the available stock was more than 10 months old and had crossed its expiry date.
{{/usCountry}}Following the verification of the bank’s complaint, the CBI has registered offences of criminal conspiracy, cheating and criminal misconduct under the Indian Penal Code and the Prevention of Corruption Act.
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