CBI files charge sheet in bank fraud of Rs 64 crore

The CBI has filed a charge sheet against a former deputy general manager of SBI and three directors of a Kolkata-based private firm for causing a loss of Rs 64.57 crore to the bank.
In its charge sheet filed in a special CBI court in Kolkata, the CBI has alleged that Partha Sarathi Ghosh, Kallol Mukhopadhyay, Probal Mukherjee - all directors of Damodar Developers Private Ltd - entered into a criminal conspiracy with the then Deputy General Manager Suresh Chandra Rath and Relationships Manager of the bank Jnanajit Dutta.
In pursuance thereof, the company availed cash credit Limit and Line of Credit limit amounting to Rs 64.57 crore from SBI, Bhowanipore Branch in Kolkata against forged title deeds of non-existing properties as collateral securities during the period from 2009 to 2012, the CBI has alleged.

The accused diverted the bank funds for purposes other than for which the loan was sanctioned and failed to repay the loan which resulted in an alleged loss of Rs 64.57 crore (approx) to the bank, it said.
Investigation revealed that the company was enjoying a cash credit limit of Rs 22 crore from Axis Bank, Kolkata, CBI spokesperson R K Gaur said here today.
He said that on June 8, 2009, the directors of the company allegedly submitted the initial application for loan in SBI, with a request to take over their loan from Axis Bank with an enhancement of credit limit from Rs 22 crore to Rs 28.5 crore with an outstanding balance of Rs 22 crore with Axis Bank.

"Then DGM (SME)(Rath), SBI, Kolkata allegedly abused his official position and fraudulently shown his interest to take over loan account, when there was an outstanding of Rs 22 crore with Axis Bank," Gaur said.