CBI begins probe against realty firm in multi-cr bank fraud case

MUMBAI: The Central Bureau of Investigation (CBI) has begun a probe against a real-estate firm in an alleged bank fraud of ₹12.67 crore. The borrower firm’s account with the bank was declared as a fraud, and then as a Non-Performing Asset in March 2023.
The agency is also looking into the role of a bank official over allegations related to his abuse of official position. The total outstanding against the firm remained at ₹12.67 crore in August, excluding notional/unapplied/accrued interest.
The agency began its probe on receipt of a complaint from the State Bank of India. The complaint alleged that a Pune-based real-estate firm, and others, had conspired to cheat the bank after it was sanctioned a term loan of ₹25 lakh by SBI’s Pune branch in 2020 for a tenure of 60 months, including a moratorium period of 36 months, for the construction of a residential project in Pune. Later, an amount of around ₹14 crore was disbursed to the borrower firm in 2020 by a Pune bank official, allegedly without proper approval of the bank’s authorities, and he is under the probe’s scanner.
During a subsequent inspection conducted by the bank, it was allegedly found that at the construction site concerned, the excavation work had stopped. It was, therefore, alleged that the disbursement of the term loan was not transacted as per the project’s physical progress, according to the complaint.
The borrower firm had also allegedly reported at the time of the processing/sanction of the loan proposal that several flats worth multi-crore in Rupees had already been booked. The bank however found in April 2021 that the bookings allegedly were yet to begin, according to the bank’s complaint. The complaint alleged that the borrower firm had misrepresented the facts to the bank at the initial stage itself.
The loan amount disbursed by the bank official, who is under the probe’s scanner, was allegedly misappropriated by the borrower by using the accounts of beneficiaries and ultimately, routing the funds in the group companies, according to the complaint.