SBI Manager committed suicide as borrower took Rs.8 crore loan and was not submitting documents, Now Police books him

The managing director of a Goregaon-based private company was booked on Friday for allegedly abetting suicide of the branch manager of the Hindu Colony branch of State Bank of India, according to Parksite police. The branch manager died by suicide by jumping off his ninth floor flat in Vikhroli on March 12. The deceased bank manager, Sandesh Malpani, 44, has left behind a suicide note claiming that he was forced to end his life because of the MD.

As per the FIR, the accused MD of the company, a multi-service business solution provider, had taken a loan of ₹8.49 crore from ICICI Bank. The company had approached the Hindu Colony branch of SBI in connection with the loan. The branch, after preliminary assessment, sanctioned ₹8.84 crore to the company and recently, the loan was transferred from ICICI Bank to the SBI.

Under the terms of the transfer, the company was supposed to submit the title deeds of two properties mortgaged for availing the loan to SBI. The deceased had contacted the accused MD many times, requesting him to submit the property documents to the bank, but in vain, said a police officer.

SBI’s senior officials thereafter held Malpani responsible for the lapse and since then he was under stress and chose to end his life, the police officer said. The deceased has also mentioned names of three other bank officials, who were involved in processing the loan, the officer added.

The police have registered a case for abetment of suicide against the MD of the company based on complaint filed by the wife of the deceased. The woman in her complaint to the police has said that her husband was under tremendous stress since past two-three months.