Money & Banking

CBI registers case against SBI officials, pvt co directors for causing ₹4.12-cr loss to bank

Our Bureau Kolkata | Updated on March 11, 2018 Published on March 11, 2018

Disruptions from demonetisation and the rollout of the goods and services tax (GST) did slow growth, IMF said. File Photo   -  The Hindu

The Central Bureau of Investigation has registered a case against five directors of a private company, eight officials of SBI including the bank’s Chief Manager and Deputy Manager for causing a loss of close to ₹4.12 crore to the bank.

It was alleged that during the period 2009 to 2014, directors of 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 ₹4.45 crore for doing the business of food processing (rice mill), said a press statement issued by 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.

Published on March 11, 2018
This article is closed for comments.
Please Email the Editor