Archive · 23 Jul 2026
CBI Books Mumbai Realty Firm in ₹26.55-Crore SBI Fraud Case
The CBI has accused a Mumbai realty firm and its directors of cheating the State Bank of India (SBI) out of ₹26.55 crore.
The firm received a ₹25 crore loan in 2017 for a project in Pune.
The CBI claims the firm submitted false construction cost reports and diverted the loan money to another company.
The loan turned into a non-performing asset (NPA) in 2020 and was declared a fraud in 2025.
The CBI has filed charges against the firm for criminal conspiracy, misappropriation, and cheating.
The CBI registered a case against a Mumbai realty firm and its directors for an alleged ₹26.55-crore fraud involving SBI project finance.
The firm received a ₹25 crore loan in July 2017 for a project in Hinjewadi, Pune.
The CBI alleges the firm submitted false construction cost reports and diverted funds to an associate concern.
The loan turned into a non-performing asset (NPA) in December 2020 and was declared a fraud in March 2025.
Charges include criminal conspiracy, criminal misappropriation, cheating, and criminal misconduct.
- Who
- A Mumbai-based realty firm and its directors
- What
- Alleged ₹26.55-crore fraud involving SBI project finance
- When
- Loan sanctioned in July 2017, fraud declared in March 2025
- Where
- Mumbai and Pune
- Why
- Alleged diversion of funds and misappropriation leading to NPA
Realty Firm's Defense
CBI's Allegations
Fund Utilization
Realty Firm's Defense
The realty firm claims funds were used for project development as per the sanctioned loan terms.
CBI's Allegations
The CBI alleges funds were diverted to an associate concern, leading to a non-performing asset (NPA).
Construction Costs
Realty Firm's Defense
The firm asserts that the construction costs were accurately reported.
CBI's Allegations
The CBI disputes the chartered accountant's certificate, citing discrepancies in reported vs. actual costs.
- Loan Amount
- ₹25 crore
- Alleged Loss
- ₹26.55 crore
- Loan Sanction Date
- July 2017
- Project Location
- Hinjewadi, Pune
- NPA Declaration Date
- December 2020
- Fraud Declaration Date
- March 2025
- Charges Filed
- Criminal conspiracy, criminal misappropriation, cheating, criminal misconduct