Bank Fraud

Rs.5717 crore Bank Fraud, Two SBI officers booked by CBI


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The Central Bureau of Investigation (CBI) conducted searches at 14 locations on Friday as part of an investigation into an alleged bank fraud by Chhattisgarh-based SKS Power Generation Ltd. The FIR was registered on the orders of the Allahabad High Court, and the CBI has alleged that the company, promoted by SKS Ispat and Power Ltd. (SKSIPL), had availed a loan of Rs 6,170 crore from State Bank of India (SBI), L&T Infrastructure Finance Limited, PTC India Finance Limited, and State Bank of Bikaner and Jaipur, resulting in a default of Rs 5,717 crore.

Accused and Allegations

The CBI has booked Anil Mahabir Gupta, Director of SKS Power Generation (Chhattisgarh) Ltd, Anish Anil Gupta, Director of SKS Ispat and Power Limited, Mumbai, and 26 others, including two officers of State Bank of India. The FIR alleges that under a criminal conspiracy, the accused wilfully diverted and round-tripped bank funds through bogus share transactions using shell companies with “mala fide intention” to enrich themselves. It is also alleged that a significant loan amount was transferred to British Virgin Islands and British Overseas Territories of Bermuda through fictitious companies.

Merger and Unauthorised Actions

During the investigation, it was found that Entwickeln India Energy Private Limited, which settled the defaulted loan at Rs 2,000 crore, was registered at the same address as SKS Power Generation Ltd. This raised suspicions of unauthorised actions, as the two companies had allegedly merged in 2019.

Seizure of Incriminating Documents

The CBI conducted searches at multiple locations, including Mumbai, Kolkata, Raipur, Bhubaneswar, and Trichy. These searches have resulted in the seizure of incriminating documents and materials, which will aid in the investigation.

Conclusion

The CBI is actively investigating the alleged bank fraud by SKS Power Generation Ltd. The FIR alleges diversion of funds, round-tripping, and the use of shell companies for fraudulent activities. The searches conducted by the CBI have yielded incriminating documents and materials, which will contribute to the ongoing investigation.

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