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CBI Books Starch Maker Over Alleged ₹56.21-Crore SBI Fraud
The CBI has opened a case about an alleged bank fraud.
The company involved makes starch and related products.
The State Bank of India says it lost ₹56.21 crore.
Investigators allege that company insiders misled the bank and mishandled its money and records.
The allegations include false stock reports and made-up receivables.
A forensic audit looked at the period from April 2015 to November 2019.
Its report was submitted in September 2023.
The case concerns allegations, not a finding of guilt.
The CBI registered a case against an unnamed starch and starch-derivatives manufacturer over alleged fraud against the State Bank of India.
The bank alleges the conduct caused a wrongful loss of ₹56.21 crore.
The complaint names the borrower company, its directors and promoters, and refers to unknown public servants and others.
The CBI alleges manipulated accounts, diverted bank funds, fictitious receivables, inventory misappropriation and false stock statements.
A forensic audit report submitted in September 2023 examined the period from April 2015 to November 2019.
- Who
- The CBI registered a case against an unnamed starch manufacturer, its directors and others following a complaint by State Bank of India official Jyoti Kumar.
- What
- An alleged financial fraud causing SBI a loss of ₹56.21 crore.
- Where
- The company had offices in Mumbai and Ahmedabad; the complaint was made to SBI in Mumbai.
- When
- The audited period was April 2015 to November 2019; the forensic report was submitted in September 2023.
- Why
- The CBI alleges the company and others obtained credit through misrepresentation and diverted or misused bank funds.
Key facts
- Investigating agency
- Central Bureau of Investigation (CBI)
- Complainant bank
- State Bank of India (SBI)
- Alleged loss
- ₹56.21 crore
- Borrower business
- Manufacturing starch and derivative products
- Company office locations
- Mumbai and Ahmedabad
- Period examined
- April 2015 to November 2019
- Forensic report submitted
- September 2023
Sources
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