Over Rs.133 crore fraud has been reported in State Bank of India. The Central Bureau of Investigation (CBI) conducted searches at multiple premises linked to the Directors of a Private Company in Mumbai (Maharashtra) and Cochin (Kerala).
The case was registered by CBI on 09.07.2026 on the complaint of State Bank of India, SAM Branch, Mumbai, against the Directors of a private company, unknown public servants and unknown private persons for causing an alleged wrongful loss of approximately Rs.133.52 Crore to the complainant bank.
It was alleged that the accused persons entered into a criminal conspiracy, obtained higher Credit facilities from SBI by allegedly submitting false financial information.
Further they diverted / siphoned off the bank funds for other purpose for which it was not sanctioned causing loss to the bank.
The loans sanctioned by Banks should be used only for the purpose for which they are sanctioned. For example, if a bank sanctions a home loan to buy a house, the borrower should use the loan money for the house and not for starting a business or buying a car. Similarly, a business loan should be used for business-related purposes.
The investigation is ongoing and more details will be released soon.
