The Central Bureau of Investigation has registered a case on a complaint from State Bank of India, against a Private Company (Borrower Company) and others including its Directors/Promoters; another private company and unknown Public Servant(s) & Private Person(s) for causing an alleged loss of Rs.22,842 Crore(approx) to State Bank of India and other consortium member banks.
It was alleged that the said accused had cheated the consortium of 28 banks including the branches of erstwhile State Bank of Patiala, Commercial Finance Branch, New Delhi, erstwhile State Bank of Travancore, Commercial Branch, New Delhi, State Bank of India, Overseas Branch, Mumbai etc. The consortium of 28 banks was led by ICICI Bank. The said private company/borrower company based at Surat(Gujarat) was engaged in the business of shipbuilding and ship repair. It was further alleged that the accused had colluded together and committed activities by way of diversion of funds for the purpose other than for which the funds were released by the bank. Huge amounts were allegedly transferred by said private company to its related parties and subsequently adjustment entries were made.
It was also alleged that bank loans to the said private company was diverted and huge investment was found to be made in the overseas subsidiary. It was further alleged that funds from banks were diverted to purchase huge assets in the name of its related parties.
Searches were conducted today at 13 locations in the premises of accused including private company, Directors at Surat, Bharuch, Mumbai, Pune etc which led to recovery of incriminating documents.
Investigation is continuing.
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