Complainant in ₹5,717 cr bank loan default case receives threats

The complainant in the multi-state ₹5,717 crore bank loan default case, now under CBI investigation, has allegedly received threats from unidentified individuals to not pursue the irregularities related to the case for probe, agency sources said

MUMBAI: The complainant in the multi-state ₹5,717 crore bank loan default case, now under CBI investigation, has allegedly received threats from unidentified individuals to not pursue the irregularities related to the case for probe, agency sources said.

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The complainant, a teacher and social worker, had approached the Jaunpur police in Uttar Pradesh with her complaint, leading to the case’s registration in September 2021. The CBI took over the investigation last Wednesday.

The complainant stated that in March 2021, upon discovering irregularities, the complainant visited the Jaunpur branch of a public-sector bank. Initially asked to return with more information in two weeks, she returned twice more, but each time, the bank claimed no knowledge of the matter and deferred her return. On her third visit, an official allegedly advised her to drop the issue, citing involvement of powerful individuals, and requested she leave.

The complainant further said that in the early hours of March 29, 2021, two armed men forcibly entered her home, warning her to halt her investigation or face severe consequences. They took her mobile phone and left. She tried to file a complaint at a Jaunpur police station without success. Later that evening, the men returned, physically assaulting her and warning against involving the police further. Following the incident, she refrained from leaving her house for several days, as reported to Jaunpur police.

Following an order from the Allahabad High Court, the CBI registered a case last week and conducted searches at 14 locations across Mumbai, Kolkata, Raipur, Bhubaneswar, and Trichy. These searches led to the seizure of incriminating documents.

The CBI’s FIR names 28 accused, including directors and promoters of 12 private firms linked to the ₹5,717 crore default. It is alleged that a Chhattisgarh-based firm availed loans totaling ₹6,170 crore from public-sector banks and financial institutions but defaulted on ₹5,717 crore. The loans were later auctioned and settled at around ₹2,000 crore.

A CBI source stated that the accused conspired to divert and round-trip funds through bogus share transactions using dummy companies, with significant amounts allegedly transferred to the British Virgin Islands and Bermuda through fictitious firms.