**CBI Initiates Probe Against Private Firm for Causing Over Rs 16 Crore Loss to SBI**
*Mumbai:* The Central Bureau of Investigation (CBI) has launched an investigation into a private firm accused of causing a financial loss exceeding Rs 16 crore to the State Bank of India (SBI).
**Complaint Filed by SBI**
According to the CBI, a complaint was lodged by Kumar Parimal Prem, Deputy General Manager of SBI’s Administrative Office in Pune. The complaint alleges that a Pune-based borrower company, a registered partnership firm engaged in real estate and construction activities, along with its partners, conspired with unknown bank officials and private individuals to cheat the bank of Rs 16.35 crores by fraudulently availing credit facilities.
**Modus Operandi**
The complaint reveals that between 2017 and 2023, the accused entered into a criminal conspiracy to cheat SBI’s Small Industries Branch in Pune. They allegedly obtained loans through misrepresentation of data and diverted the disbursed funds fraudulently. These credit facilities were sanctioned for a residential apartment construction project in Pune.
The borrower company and its partners reportedly submitted false financial statements, misrepresented their net worth, and provided incorrect information about the source of funds required as margin money for the project. They also submitted fabricated Chartered Accountant (CA) and engineer’s certificates to secure the disbursement of credit facilities.
**Misappropriation of Funds**
The accused reportedly diverted and used the loan funds for purposes other than those for which the loan was sanctioned. This misappropriation led to a financial loss of Rs 16.35 crores for SBI and illegal gains for the accused partners.
Furthermore, the partners failed to repay the loan installments and interest, resulting in the company’s account being classified as a Non-Performing Asset (NPA) on March 31, 2023. Subsequently, the account was declared a fraud on February 28, 2024.
**FIR Registered and Ongoing Investigation**
Based on SBI’s complaint, the CBI has registered a First Information Report (FIR) on charges of bank fraud under the relevant sections of the Indian Penal Code (IPC) and the Prevention of Corruption Act.
The investigation is currently underway.
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https://www.freepressjournal.in/mumbai/maharashtra-news-cbi-initiates-probe-against-pune-firm-for-16-crore-sbi-fraud
