By Divyesh Singh: The Central Bureau of Investigation (CBI), on May 11, registered a case against a Raigad-based private company Loha Ispaat Limited in Maharashtra for duping the State Bank of India (SBI) of approximately Rs 1017.93 crore.

In its complaint, the State Bank of India alleged that the company caused them and five other consortium member banks, a loss of Rs 1017.93 crore.

An FIR was filed against the following people in the company – Chairman cum Managing Director Rajesh Gaurishankar Poddar, Whole-time Director Sanjay Bansal, Director and Guarantors Rajesh Mohanlal Agarwal, Anju Poddar and Manish Omprakash Garg. Unknown public servants and unknown persons were also named in the bank fraud case.

According to the bank’s complaint, the accused had hatched a conspiracy to cheat the State Bank of India and five other consortium member banks including Bank of India, Canara Bank, Indian Overseas Bank, Punjab National Bank and Bank of Maharashtra.

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The company had allegedly availed Working Capital Limit, Term Loan and Non Fund Based limits to the tune of Rs 817 crore.

The accused, in order to attain the loans, manipulated the company’s accounts by creating fictitious sales and purchase transactions. In this way, the company siphoned off funds, ultimately resulting in a non-payment of outstanding loans of around Rs 1017.93 crore.

Following the complaint, searches were conducted at nine places across Delhi, Mumbai, Raigad, and Thane. The CBI reportedly found incriminating documents and articles at the residential and official premises of the accused. The case is under investigation for now.