CBI Investigates Pune Firm Over Alleged ₹12.67 Crore Fraud Against SBI

Mumbai: CBI has initiated an investigation against a Pune-based company, its partners and an official of State Bank of India (SBI) for allegedly defrauding the bank of Rs 12.67 billion.

About the Case

According to sources, Satish Kumar, deputy director general, Pune Administrative Office, filed a written complaint alleging that the real estate company and its partners had entered into a criminal conspiracy with a relationship manager of SBI Pune and cheated SBI of Rs 12.67 crore. crore using term loan of Rs 25 crore. A CBI official said that the firm was given a term loan for the construction of a housing project in Hinjewadi, Pune.

“An amount of Rs 14.26 billion was paid by the relationship manager to the debtor company without proper approval. The investigation revealed that excavations had started in the area but were stopped immediately. The official stated that due to the physical progress of the project, no term loan payments were made.

The borrower’s account was declared fraudulent and converted to NPA earlier this year.