CBI books 2 SBI officials for causing Rs 200-cr loss to bank

The CBI has booked two officials of State Bank of India for allegedly waving principal amount of over Rs 90 crore of term loan of a company in violation of guidelines, causing a loss of Rs 200 crore to the bank.
Besides the SBI officials, the agency has named its FIR Chennai-based Quitegra Solutions Pvt. Ltd., its the then Chairman V Shankara Raman, its non-Executive Chairman Melvettil Padmanabhan, whole-time Director V Sriraman, and Independent directors Kamakshi Shankara Raman, R Kalyanraman and G Venkatrajulu.
The CBI has alleged that the loan account was taken over by SBI from Andhra Bank in 2014 with a loan credit of Rs 7.14 crore.

It alleged that the bank enhanced loans to Rs 114 crore over a period without any collateral security.
The CBI has alleged that the two officers of SBI -- N Parthiban and S Muralidhar -- entered into a criminal conspiracy with executives of the company for a one-time settlement of Rs 14.50 crore with a condition to write off assets under custody against the total outstanding dues of Rs 214 crore by October, 2013.
It alleged that the officers went ahead with the proposed one-time settlement of Rs 14.5 crore by waiving principal portion of the term loan amounting to over Rs 90 crore.

"The huge waiver of principal portion of term loan running close to Rs 90 crore is very unusual and deviation from laid down norms and procedures of the bank and the RBI," the FIR alleged.
It said the officials of the bank and the company allegedly caused undue loss of over Rs 200 crore to the bank and corresponding pecuniary gains for themselves.
All the accused have been booked under IPC sections related to criminal conspiracy, cheating and under provisions of the Prevention of Corruption Act.