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The Central Bureau of Investigation has registered a case against five directors of a private company, eight officials of State Bank of India, including the bank’s Chief Manager and Deputy Manager for causing a loss of close to Rs 4.12 crore to the bank.
It was alleged that during 2009 to 2014, directors of the said private company based in the Burdwan district of West Bengal, and empanelled lawyer had entered into a conspiracy among themselves and also with officials of two branches of SBI and availed cash credit limit of Rs 445 lakh for doing the business of food processing (rice mill), said a press statement issued by the CBI, New Delhi.
But the borrower stopped servicing of interest and also the principal by violating the terms and conditions of the sanction, as a result, the account slipped into non performing asset in November 2014.
Searches were conducted at 12 places including at Kolkata, Burdwan, Darjeeling, Coochbehar (West Bengal); Hazipur (Bihar) and Pelling (Sikkim) at the official and residential premises of accused which led to recovery of incriminating documents.
Investigation is continuing, the release said.
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