CBI has registered three separate cases of banking fraud against three companies for an alleged banking fraud that caused a cumulative loss of over Rs 136 crore.
State Bank of India’s shares were trading almost 1.5 percent lower on Wednesday morning on a report of fraud at the lender worth Rs 136 crore.
The stock touched an intraday high of Rs 263.45 and an intraday low of Rs 259.60.
The CBI has registered three separate cases of banking fraud against three Mumbai-based companies for an alleged banking fraud that caused a cumulative loss of over Rs 136 crore to State Bank of India, officials said.
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 SBI officials AGMThyagarajuInamanamelluri, Deputy Manager Vilas Narhar Ahirrao, Deputy Manager, Madhura Mangesh Sawant for allegedly causing a loss of 56.81 crore to the bank, the officials said.
The second case was registered against Maheep Marketing Pvt. Ltd, its Directors Gajendra Sandim, Hemant Sanghvi and the three SBI officials for allegedly causing loss of Rs 49.99 crore, they said.
The third case is against Harsh Steel Trade Pvt Ltd and its Directors Chetan Jitendra Mehta and Mahadev Ramchandra Shringare, the then officials of the SBI, AGM Jagdish Kulkarni and Deputy Manager Sadanand Girkar for allegedly causing loss of Rs 30.13 crore.
“It was alleged that the said private companies enjoyed bill discounting facilities against the Letters of Credit issued by State Bank of India, D. N. Road branch and PM Road Branch, Fort, Mumbai
“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,” CBI Spokesperson Abhishek Dayal said.
The stock has lost over 5 percent in the past one month, while in the past three days, it is up around one percent. At 10:15 hrs State Bank of India was quoting at Rs 259.80, down Rs 3.70, or 1.40 percent, on the BSE.
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