CBI Books Starch Manufacturer For Alleged ₹56.21-Crore Fraud Causing SBI Loss
Mumbai: The Central Bureau of Investigation (CBI) has registered a case against a private company engaged in manufacturing starch and its derivative products for allegedly causing a loss of Rs 56 crore to the State Bank of India (SBI). According to the CBI, a written complaint had been received from Jyoti Kumar, DGM & Branch Head, SBI, Mumbai, against the borrower company, having its offices in…
The Central Bureau of Investigation (CBI) has filed a case against a starch manufacturing company for allegedly causing a loss of ₹56.21 crore to the State Bank of India (SBI). According to the complaint filed by a DGM at SBI, the company, along with its directors and unknown individuals, allegedly engaged in a systematic pattern of fraudulent financial transactions.
These included manipulating books of accounts, creating fictitious receivables, misappropriating inventories, suppressing related party disclosures, profit shifting among group entities, and submitting false stock statements to the bank. The fraud came to light through a forensic audit report submitted in September 2023, covering the period from April 2015 to November 2019.
The accused obtained credit facilities by misrepresentation, deception, and inducement, then used the funds for unauthorized transactions, violating the terms and conditions of the credit facility.
Written by urgent.news from Free Press Journal's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.