The Central Bureau of Investigation (CBI) on Monday registered a case against a Surat-based private company for causing loss worth Rs 200 crore to the State Bank of India (SBI).
A CBI official stated that an FIR has been filed after getting a complaint from the State Bank of India branch in Ahmedabad against a Surat-based private company and others including its Directors, unknown public servants and unknown others. In the complaint, SBI has made an allegation that the said accused have caused a loss of Rs 214.11 crore (approx) to SBI in the matter of sanctioning Term Loans to said private company for purchasing new commercial vehicles, informed an official.
It was further alleged that the accused had cheated the bank by not hypothecating the vehicles in favour of the State Bank of India. It was also alleged that the loan proceeds were not utilized for the purpose for which the term loans were sanctioned.
Searches were conducted at the premises of the accused in Surat and Mumbai which led to the recovery of incriminating documents, added the official.