**CBI Initiates Probe Against Private Firm for Rs 16 Crore Fraud on State Bank of India**
*Mumbai:* The Central Bureau of Investigation (CBI) has launched an investigation against a private firm for allegedly causing a loss of over Rs 16 crore to the State Bank of India (SBI).
**Complaint Filed by SBI**
According to the CBI, a complaint was received from 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—and its partners, in criminal conspiracy with unknown bank officials and other private individuals, cheated the bank to the tune of Rs 16.35 crores by fraudulently availing credit facilities.
**Modus Operandi**
The complaint reveals that between 2017 and 2023, the accused conspired to cheat SBI’s Small Industries Branch in Pune by availing loans through misrepresentation of data and fraudulent diversion of funds disbursed under credit facilities. These funds were sanctioned for the construction of residential apartments in Pune.
The borrower company and its partners submitted false financial statements, misrepresented their net worth and sources of margin money for the project, and provided bogus CA and engineer certificates to secure the disbursement of credit facilities, the CBI stated.
**Misappropriation of Funds**
The accused individuals allegedly diverted the disbursed funds for purposes other than those for which they were sanctioned. By doing so, they misappropriated the bank’s money, causing a wrongful loss amounting to Rs 16.35 crores to SBI while gaining illegally for themselves.
Furthermore, the partners defaulted on loan installments and interest payments. Consequently, the company’s loan account was classified as a Non-Performing Asset (NPA) on March 31, 2023. The account was further declared as fraudulent on February 28, 2024, a CBI official confirmed.
**FIR Registered**
Based on the 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 and the Prevention of Corruption Act.
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https://www.freepressjournal.in/mumbai/maharashtra-news-cbi-initiates-probe-against-pune-firm-for-16-crore-sbi-fraud