CBI registers ​case against a Mumbai-based firm, its ex-CEO, directors and bank officials for causing alleged loss of Rs 2,435 cr to SBI, other banks

The Central Bureau of Investigation (CBI) has registered a case on a complaint from the State Bank of India against the private company based at Mumbai and others including its then CEO, then CFO, then directors and unknown persons, bank officials for causing an alleged loss of Rs 2,435 crore (approx.) to the State Bank of India and other consortium member banks, the CBI has officially issued a statement.  

It was alleged that the said accused had cheated SBI and other consortium member banks, including Bank of Maharashtra, Axis bank, Yes Bank, Corporation Bank, Barclays Bank, IndusInd Bank, etc. by way of diversion of bank funds.

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According to the CBI, this also includes sham transactions with related parties, borrowing funds from the Bank by misrepresentation, falsifying/ fabricating books of accounts, entries, vouchers, and financial statements, along with furnishing false, incorrect, or misleading information, siphoning off funds, including various loan proceeds.  

The allegations were based on a forensic audit report. 

The CBI also informed that searches are being conducted on Thursday, June 24, 2021, at the premises of the accused, including said private company at Mumbai, Delhi, and Gurugram.