CBI Launches Investigation into ₹16 Crore Bank Fraud by Pune-Based Real Estate Firm
The Central Bureau of Investigation (CBI) has launched an investigation into a significant fraud case involving a Pune-based real estate and construction firm. The firm is accused of causing a loss of over ₹16 crore to the State Bank of India (SBI).
According to the CBI, a complaint was filed by Kumar Parimal Prem, Deputy General Manager of SBI, Administrative Office, Pune. The complaint alleges that the borrower company, a registered partnership firm, along with its partners, conspired with unknown bank officials and private individuals to defraud SBI. The total amount of the fraud is estimated to be ₹16.35 crore.
The modus operandi of the accused involves a well-planned scheme that spanned from 2017 to 2023. The CBI stated that the accused persons entered into a criminal conspiracy to cheat SBI, Small Industries Branch, Pune. They availed loans by misrepresenting data and diverting the funds fraudulently. Specifically, the borrower company and its partners submitted false financial statements, misrepresented their net worth, and provided false certificates from chartered accountants and engineers to secure credit facilities for a residential construction project in Pune.
The accused persons further diverted the disbursed funds for purposes other than what was sanctioned. This fraudulent diversion and misappropriation of bank funds resulted in a wrongful loss of ₹16.35 crore to SBI and corresponding gains to the accused. The partners failed to service the installments and interest on the loans, leading to the classification of the company's account as a Non-Performing Asset (NPA) on March 31, 2023. Subsequently, the account was marked as a fraud on February 28, 2024.
Based on the bank's complaint, the CBI has registered a First Information Report (FIR) under the relevant sections of the Indian Penal Code and the Prevention of Corruption Act. The investigation aims to uncover the full extent of the fraud and bring the perpetrators to justice.
This case highlights the need for stringent measures to prevent such financial irregularities, especially in the real estate and construction sectors. The CBI's proactive approach in addressing these issues is crucial for maintaining the integrity of the banking system and protecting the interests of financial institutions and the public.
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