CBI books Mumbai firm directors in Rs 133 crore SBI bank fraud case
The CBI registered a case against five directors of Furnace Fabrica (India) Ltd and unknown public servants over an alleged ₹133.52 crore SBI fraud. The agency conducted searches in Mumbai and Kochi, alleging fund diversion and submission of false financial information
Mumbai: In a Rs 133 crore bank fraud case, the CBI registered a case against five directors of a Mumbai Company and public servants on the complaint of State Bank of India, an official said on Friday. The directors of Furnace Fabrica (India) Ltd named in the FIR by the CBI include A.R. Basheeruddin, Badri Prasad, Nezee Basheeruddin, Raiz Basheeruddin and Sanam Basheer, said a statement.
The CBI registered the case after conducting searches at multiple premises linked to the company’s directors in Mumbai and Cochin, said the statement.
The CBI registered the instant case on Thursday on the complaint of State Bank of India, Stressed Assets Management Branch, Mumbai, against the directors of Furnace Fabrica (India) Ltd, unknown public servants and unknown private persons for causing an alleged wrongful loss of Rs 133.52 crore to the bank.
It was alleged that the accused entered into a criminal conspiracy and obtained higher credit facilities from SBI by submitting false financial information.
The complaint received from the bank stated that the accused diverted or siphoned off the funds for purposes for which they were not sanctioned, causing loss to the bank.
During the searches, incriminating details relevant to the investigation were seized. The seized documents shed light on the modus operandi of the accused involved in the multi-crore rupee fraud.
The probe agency said that the investigation is continuing to ascertain the full extent of the conspiracy, identify the roles of all involved people, including public servants and private individuals, and trace the end use of the loan funds.
In a separate case, the CBI on Tuesday conducted searches at multiple premises linked to a Mumbai-based company and its directors in connection with an alleged bank fraud amounting to Rs 30.63 crore.
The raids were carried out based on a case registered just a day earlier on the complaint of Punjab National Bank.
The CBI had registered the case on July 7 against the Mumbai-based communication company and its directors, along with unknown public servants and private persons.
According to the complaint, the accused allegedly caused a wrongful loss of Rs 30.63 crore to the bank through a well-planned criminal conspiracy, the investigation agency said.
It is alleged that the company and its directors obtained higher cash credit facilities from Punjab National Bank and other consortium member banks by submitting inflated debtor figures and other false financial information.
