CBI books 8 SBI officials and directors of a private firm for a loan fraud
, ET Bureau|
Mar 09, 2018, 07.38 PM IST
KOLKATA: The Central Bureau of Investigation said it has registered a case against eight State Bank of India officials and five directors of a private firm for causing a loss of Rs 4.12 crore to the bank.
The development followed a complaint from SBI.
CBI said that the directors of the company had entered into conspiracy with officials of two SBI branches in West Bengal and took a Rs 4.45 crore loans for doing food processing business.
It was alleged that the transaction took place during the period 2009 to 2014.
But the borrower stopped servicing of interest and also the principal by violating the terms & conditions of the sanction, as a result, the account slipped into non performing asset in November 2014 and thereby caused a loss of Rs.4.12 crore to the bank.
The loss was excluding interest payments.
CBI raided the official and residential premises of the accused which led to recovery of incriminating documents. The raids happened at 12 places including at Kolkata, Bardhaman, Darjeeling, Coochbehar in West Bengal; Hazipur (Bihar) and Pelling (Sikkim).
"Investigation is continuing," CBI added.
The development followed a complaint from SBI.
CBI said that the directors of the company had entered into conspiracy with officials of two SBI branches in West Bengal and took a Rs 4.45 crore loans for doing food processing business.
It was alleged that the transaction took place during the period 2009 to 2014.
But the borrower stopped servicing of interest and also the principal by violating the terms & conditions of the sanction, as a result, the account slipped into non performing asset in November 2014 and thereby caused a loss of Rs.4.12 crore to the bank.
The loss was excluding interest payments.
CBI raided the official and residential premises of the accused which led to recovery of incriminating documents. The raids happened at 12 places including at Kolkata, Bardhaman, Darjeeling, Coochbehar in West Bengal; Hazipur (Bihar) and Pelling (Sikkim).
"Investigation is continuing," CBI added.
