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CBI books Raigad-based firm for ₹1,017.93-crore loss to bank consortium
The SBI, which is the complainant in the case, alleged that the firm had siphoned off a portion of the loans’ proceeds and subsequently defaulted on their payment, causing losses to the bank consortium, CBI sources said, adding that the alleged bank fraud occurred during 2012 to 2017.
Mumbai: The Central Bureau of Investigation (CBI) recently registered a case against a Raigad-based steel processing firm and its directors for allegedly causing a loss of ₹1,017.93 crore to a State Bank of India (SBI)-led bank consortium in the form of unpaid loans.
The case was registered on May 11.
The SBI, which is the complainant in the case, alleged that the firm had siphoned off a portion of the loans’ proceeds and subsequently defaulted on their payment, causing losses to the bank consortium, CBI sources said, adding that the alleged bank fraud occurred during 2012 to 2017.
“A written complaint, dated November 11, 2020, was received from the SBI, Mumbai, alleging therein that a Raigad-based steel firm, its directors, unknown public servants and others, entered into a criminal conspiracy from 2012 to 20l7 to cheat the bank and five other bank consortium members,” a CBI official said.
“The firm had taken loans of ₹812.07 crore. In pursuance of the criminal conspiracy, the accused persons cheated the SBI and the other five consortium banks, by way of fictitious sales or purchase transactions,” the agency official said. “It was alleged that there was fudging of the accounts and siphoning off of the funds which led to non-payment of the outstanding loans of ₹1017.93 crore.”
The unpaid loans thereby caused a loss of ₹1017.93 crores to the banks and alleged corresponding gain to the accused, according to the agency. The case was registered under sections of the Indian Penal Code and the Prevention of Corruption Act related to the offences of criminal conspiracy, cheating, forgery for cheating and criminal misconduct by the accused persons and unknown public servants and others.
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