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CBI books three Mumbai companies for banking fraud as SBI loses Rs 1.36 bn

Searches were conducted at 17 places in Mumbai, Raigad, Malegaon, Amravati, according to a CBI official

Press Trust of India  |  New Delhi 


The has registered three separate cases of against three Mumbai-based companies for an that caused a cumulative loss of over Rs 1.36 billion to State of India, officials said here today.

One of the cases is against Top Worth Pipes and Tubes Pvt. Ltd, its Directors Abhay Narendra Lodha, Shishir Shivaji Hiray, Harshraj Shantilal Bagmar, the then officials AGM ThyagarajuInamanamelluri, Vilas Narhar Ahirrao, Deputy Manager, for allegedly causing a loss of Rs 568.1 million to the bank, the officials said.

The second case was registered against Maheep Marketing Pvt. Ltd, its Directors Gajendra Sandim, and the three officials for allegedly causing loss of Rs 499.9 million, they said.

The third case is against and its Directors and Mahadev Ramchandra Shringare, the then officials of the SBI, AGM Jagdish Kulkarni and for allegedly causing loss of Rs 301.3 million.

"It was alleged that the said private companies enjoyed bill discounting facilities against the Letters of Credit issued by State of India, D N Road branch and PM Road Branch, Fort, "

"However, these bills were returned unpaid by the concerned banks, since it was observed that there were instances of diversion of funds and misrepresentations by the companies," said.

He said the internal enquiry by the also revealed irregularities such as raising multiple invoices, false lorry receipts showing incorrect vehicle registration numbers and vehicles other then heavy goods transport vehicles being shown as means of

Dayal said searches were conducted at 17 places in Mumbai, Raigad, Malegaon, Amravati including office and residential premises of the accused which led to recovery of "incriminating documents".

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First Published: Wed, July 11 2018. 07:09 IST