CBI FILES CHARGESHEET AGAINST THREE THEN DIRECTORS OF PRIVATE FIRM; THEN DGM OF SBI AND OTHERS FOR CAUSING AN ALLEGED LOSS OF RS.64.57 CRORE (APPROX) TO BANK

Press Release
New Delhi, 05.07.2017

            The Central Bureau of Investigation has filed a chargesheet against three then Directors of private firm; said private firm based at Kolkata; then DGM (SME), SBI, Kolkata; then RMME of SBI and 07 private persons U/s 120-B r/w 420, 468, 471 of IPC & Sec 13(2) r/w 13(1)(d) of PC Act, 1988 & substantive offences thereof in the Court of Special Judge, CBI Cases, Bichar Bhawan, Kolkata.

            This case was registered on a complaint from State Bank of India, Kolkata on the allegations that then Directors of Private Developers Company based at Kolkata entered into a criminal conspiracy with then DGM (SME), SBI, SME Business Unit Department, LHO, Kolkata to cheat the SBI and in pursuance thereof, availed Cash Credit Limit (FBWC) & LC limit amounting to Rs.64.57 crore from SBI, SME (erstwhile SSI) Bhowanipore Branch, Kolkata by fraudulently depositing forged Title Deeds in the Bank for mortgage of non-existing properties as collateral securities during the period from 2009 to 2012. The accused allegedly diverted the bank funds for the purpose other than for which the loan was sanctioned and failed to repay the loan which resulted in an alleged loss of Rs.64.57 crore(approx) to Bank

            Investigation revealed that the borrower private Developers company was enjoying a Cash Credit limit of Rs.22 crore(approx) from Axis Bank, Kolkata. On 08.06.09, then Director of said private company allegedly submitted the initial application for loan in SBI, SME, New Alipore Branch,Kolkata with a request to take over their loan from Axis Bank Ltd with an enhancement of CC limit from Rs.22 crore(approx) to Rs.28.50 crore(approx) with an outstanding balance of Rs.22 crore with Axis Bank Ltd., Rash Behari Avenue Branch, Kolkata. Investigation further revealed that then DGM (SME), SBI, Kolkata allegedly abused his official position and fraudulently shown his interest to take over loan account, when there was an outstanding of Rs.22 crore(approx) with Axis Bank, Rash Behari Avenue Branch, Kolkata. Investigation also revealed that the Lease Deeds so deposited to SBI, SME Branch, Bhowanipore as collateral Security were allegedly forged & fabricated since the Lease Deeds were executed on the basis of forged & fabricated Title Deeds/having no commercial rights on the executants.

            After investigation, a chargesheet was filed.

            The public is reminded that the above findings are based on the investigation done by CBI and evidence collected by it. Under the Indian Law, the accused are presumed to be innocent till their guilt is finally established after a fair trial.

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