The Central Bureau of Investigation (CBI) registered a case against a Delhi-based firm and others for defrauding State Bank of India of over Rs 398 crore, officials said on Thursday.
A CBI official said that the agency registered a case against Jagat Agro Commodities Pvt Ltd, its directors Sant Lal Aggarwal, Sudha Pawa and other private companies based at Delhi and Sonipat, and other unknown persons for causing an alleged loss of Rs 398.35 crore to State Bank of India and Punjab National Bank.
According to CBI, the bank in its complaint alleged that the accused had cheated the State Bank of India (erstwhile State Bank of Patiala) led consortium comprising SBI (lead bank) and PNB to the tune of Rs 398.35 crore.
According to complaint the SBI has provided Rs 328.92 crore and PNB Rs 69.43 crore by way of availing higher credit facility, submitting inflated financials of company, fudging of books of accounts and securities offered and diversion of bank funds etc.
The CBI team also carried out searches at the premises of the accused at Delhi which led to recovery of incriminating documents.