CBI books firm, directors for cheating SBI-led consortium

CBI has booked the firm, Trimax IT Infrastructure and Services Ltd, and its managing director, Surya Prakash Madrecha, and director Chandra Prakash Madrecha

The Central Bureau of Investigation (CBI) has registered a case against a private company, its managing director, director, and unidentified public servants for allegedly cheating a consortium of banks led by the State Bank of India (SBI) of ₹862 crore between 2009 and 2017.

CBI conducted searches at nine locations including the residential and office premises of the firm in Mumbai and Kolhapur. (AFP Photo)

The agency has conducted searches at nine locations including the residential and office premises in Mumbai and Kolhapur related to the case, said CBI spokesperson RC Joshi.

CBI has booked the firm, Trimax IT Infrastructure and Services Ltd, and its managing director, Surya Prakash Madrecha, and director Chandra Prakash Madrecha.

“The bank had issued credit facilities during the period 2009 to 2017 to the accused under consortium banking which were enhanced from time to time. It was alleged that the directors of the private company in conspiracy with others and some government officials manipulated the books of accounts, diverted the funds released by banks. They allegedly cheated seven consortium member banks including State Bank of India to the tune of Rs.862.06 crore (approx),” the CBI said in a statement on Monday.