CBI Books Real Estate Firm, Partners And Former SBI Manager In ₹32 Crore Cheating Case
The Economic Offences Branch of CBI Mumbai has registered a case against a Pune-based real estate partnership firm, its partners, and a former SBI chief manager for allegedly cheating State Bank of India of over ₹32 crore. The borrowers had sought working capital sanction from SBI for construction and development of high-end independent villas in Pune.
According to the CBI complaint, filed by Manish Jaiswal, Assistant General Manager at SBI's Pune Small Industries Branch, the fraud occurred between 2018 and 2023. The borrower firm and its partners allegedly submitted incorrect documents to fraudulently induce the bank to sanction working capital facilities. Despite receiving financial assistance, the borrowers failed to utilize funds for their stated purpose and did not complete the project.
The investigation reveals that while some villas were never constructed, others remained incomplete. The firm allegedly undertook to deposit 90-95 percent of sales proceeds with SBI but diverted and siphoned off the funds instead. In several instances, the borrower firm sold villas and disposed of mortgaged properties without obtaining the mandatory Non-Objection Certificate from the bank.
