Rs 140.14 crore fraud in State Bank of India, CBI conducts Raids in Pune and Mumbai

Two frauds of Rs 81.66 crore and Rs 58.48 crore have been reported by State Bank of India to CBI. The loan borrowers misused the credit facility provided by bank, thereby causing a huge loss to the bank. The CBI conducted search operations in Pune and Mumbai.

On 29 October 2026, The Central Bureau of Investigation (CBI) conducted search operations in connection with bank fraud case registered against M/s Aaj Ka Anand Papers Pvt Ltd. The CBI registered the case against M/s Aaj Ka Anand Papers Pvt Ltd, its Directors and unknown public servants based on the complaint of State Bank of India, Mumbai, alleging offences of criminal conspiracy, cheating, criminal breach of trust and manipulation of accounts, causing a wrongful loss of Rs. 81.66 Crore to the State Bank of India.

It was alleged that the accused were involved in suppression/misappropriation of business revenue, alteration and falsification of books/electronic record and criminal breach of trust. It was alleged that funds were diverted through current accounts outside designated banking channels without the consortium lenders’ consent thus violating sanction conditions. These acts are alleged to constitute cheating, criminal breach of trust, misappropriation and criminal conspiracy, causing wrongful loss to SBI.

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Searches were conducted at several locations in Pune. The premises covered included office premises and residential properties linked to the directors of the accused of M/s Aaj Ka Anand Papers Pvt Ltd. During the searches, incriminating documents and digital evidence relevant to the investigation were recovered. These are being examined to identify the full extent of the conspiracy, misappropriation, diversion of funds, and the role of all persons involved.

Another Fraud in SBI

The CBI registered one more case based on the complaint of State Bank of India, Mumbai against M/s Avaya Industries Ltd, its Directors and Unknown Public Servant(s) & Private Person(s). It is alleged in the complaint that M/s Avaya Industries Ltd and its Directors fraudulently obtained credit facilities by misrepresentation, causing a wrongful loss of Rs.58.48 Crore to the bank.

The accused allegedly perpetrated the fraud through fictitious sales and inflated stocks, suppression and non-recovery of export receivables, diversion of funds through unsecured advances, unauthorised routing of transactions through another bank, fabrication of debtor balances, and unauthorised sale or misrepresentation of mortgaged property and hypothecated assets resulting in wrongful loss to the bank.

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Searches were conducted at several locations in Mumbai including the residential properties linked to the Directors of M/s Avaya Industries Ltd. During the searches, incriminating documents relevant to the investigation were recovered. The seized materials are being examined to ascertain the full extent of the alleged conspiracy, misappropriation and diversion of funds, and to establish the role of all persons involved.

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