New Delhi (15.01.2021): The Central Bureau of Investigation (CBI) has registered a case on a complaint from the State Bank of India (SBI) against a private company (borrower company) based at Delhi/Noida and others including its CMD & unknown public servants/persons for causing an alleged loss of Rs. 219.81 crore (approx) to SBI. It was alleged in the complaint that the said accused has cheated the Bank by way of diversion of bank funds, fraudulent transactions, criminal misappropriation, submission of false stock/debt statements etc.

The SBI complaint says that the company was incorporated in 2005 starting as EPC contractor for exploration, drilling, extraction, and production of mineral oils, natural gas and petroleum products.  The alleged fraud came to light when Forensic Auditors submitted the report on 18.02.2020 for the period 01.04.2010 to 31.03.2014.

Searches were conducted at three locations including Delhi / NCR at the office & residential premises of Borrower Company and other accused.

The other case was registered on a complaint from Punjab National Bank  (PNB) against a private company (Borrower Company) engaged in rice milling activities at Karnal Kaithal Road, Nissing (Karnal in Haryana) and others including its Directors/Guarantor and unknown public servants/persons for causing an alleged loss of Rs. 121.75 crore (approx) to bank. It was alleged that the said accused had fraudulently sold its stock as well as machinery, which was hypothecated to the bank. It was further alleged that the accused had not deposited the sale proceed with the bank. It was also alleged that as per the Forensic Audit, the borrower company had falsified its financial data to avail the loan facilities.

Searches were conducted at 03 locations including official & residential premises of the accused at Nissing, District Karnal which led to the recovery of incriminating documents.