The State Bank of India and Punjab and Sind Bank have been allegedly cheated of over Rs 131 crores in two separate cases of fraud. The first case was registered on a complaint from SBI against a private company based in Gujarat's Ahmedabad and others including directors, public servants, and unknown others on the allegations of cheating the State Bank of India to the tune of Rs 67.07 crore, the CBI said.
The company was engaged in manufacturing cotton yarn, knitted grey fabric, and finished garments. It was alleged that during the period 2011 to 2015, the accused entered into a conspiracy to cheat SBI by way of forgery/falsification of accounts and diversion of funds, the probe agency said. The company allegedly availed Fund Based Working Capital (FBWC) with SBI, MCB, Vapi Branch. It was further alleged that only around 20% of its receipts and payments from its debtors and creditors respectively were routed through banking channels, and the remaining amount was siphoned off. Meanwhile, searches were conducted at 10 places including official and the residential premises of the accused/private company at Silvassa amd Mumbai which led to the recovery of incriminating documents and articles.
The second case was registered on a complaint from Punjab & Sind Bank against a private company (borrower company) based at New Delhi/Noida and others including its directors, two other private companies, unknown public servants, and others on the allegations that the said accused had cheated the Punjab & Sind Bank to the tune of Rs. 64.78 crore (approx.) by way of diversion / siphoning off bank funds, misappropriation and cheating.
Searches were conducted at nine locations in Delhi-NCR at the office and residential premises of the accused including the borrower company.
Meanwhile, the CBI is conducting an investigation in both cases.