CBI registers FIR against private company for defrauding SBI of Rs 214 crores

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Ahmedabad, December 6, 2021: The Central Bureau of Investigation (CBI) has registered a complaint by the State Bank of India, SAM Branch, Ahmedabad against a private company based in Surat (Gujarat) and others, including its directors, unknown officials and other unknowns on the allegations of causing the loss of Rs. 214.11 crore (approx) to SBI as part of the sanction of term loans to said private company for the purchase of new commercial vehicles .

It was further alleged that the accused deceived the bank by not mortgaging the vehicles in favor of the State Bank of India. It was also alleged that the loan proceeds had not been used for the purposes for which the term loans were authorized.

Searches were carried out on the premises of the accused in Surat and Mumbai, which made it possible to recover the incriminated documents.

The other case was registered following a complaint by Canara Bank, Lucknow against private companies and others, including its directors, the guarantor (all private individuals) and unknown officials. It was alleged that the defendants who conspired among themselves had deceived Canara Bank by defrauding, embezzling and embezzling the loan amount and causing losses to the tune of Rs. 24.82 crore (approximately) to the bank. It was further alleged that the private company mortgaged part of the collateral guarantee to a housing finance company to secure a loan of Rs 21.26 crore (approx.). The account became NPA on 06/30/2017. He was also accused that the borrowing company sold primary and collateral collateral without intimidating and obtaining a compliance notice from the bank.

Searches were carried out on the premises of the accused, in particular in Lucknow, Faizabad and Ghazipur (Uttar Pradesh) which made it possible to recover the documents for the prosecution.

The investigation in both cases is continuing.

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