Rs.12 Crore Fraud in State Bank of India (SBI), ED starts investigation
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The Enforcement Directorate (ED) from its Kolkata Zonal Office carried out a search operation on 19th June 2025 as part of an investigation into a major bank fraud involving the company M/s Shri Shyam Bearing Pvt. Ltd. The action was taken under the Prevention of Money Laundering Act (PMLA), 2002.
The ED started the investigation based on a complaint (FIR) filed by the Central Bureau of Investigation (CBI). The FIR was registered under various sections of the Indian Penal Code (IPC), 1860. It accused M/s Shri Shyam Bearing Pvt. Ltd. and others of cheating the State Bank of India (SBI) between 2008 and 2015 by using fake documents to get loans. The bank suffered a loss of ₹12.08 crore due to this fraud.
To obtain the loans, the company submitted fake property documents. These included a title deed of a person who had already passed away and another deed for a property that had already been sold. Using these false papers, the company not only took loans but also got them renewed.
The ED found that the company diverted the loan money to various fake companies, also known as shell entities. During the search, the officials seized:
- Cash amounting to ₹10.10 lakh
- Gold jewellery weighing 2.752 kg, valued at ₹2.57 crore
- Several important documents and records
Statements of key people involved in the case were also recorded. The investigation is still going on. The ED is continuing to find out how the fraud was done and where the money was moved.
More details will be released soon.
