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- Published: May 27, 2020 20:24
New Delhi: The Central Bureau of Investigation (CBI) has registered a case against a Haryana-based private company and three of its directors for allegedly causing a loss of approximately Rs 100.46 crore to the State Bank of India.
According to the CBI, the case was registered on a complaint received from the State Bank of India against a private rice company based in Haryana’s Karnal and three of its directors and unknown others including unknown public servants.
“It was alleged that the accused, engaged in the manufacturing of grain mill products (rice), obtained credit facilities from a commercial branch of State Bank of India, Karnal, by misrepresentation of facts,” the CBI said in a statement on Wednesday.
CBI has registered a case on a complaint received from State Bank of India against a private rice company based in Karnal (Haryana) & its 3 Directors & unknown others, after the accused failed to repay loan amount resulting in loss of Rs 100.46 crores to the bank. pic.twitter.com/PjoCO8mqVr
— ANI (@ANI) May 27, 2020
It said that allegations were made that the accused had cheated the bank by diverting loan amounts for the introduction of share capital, inflating the sale and purchase figures, and devaluation/decrease of stocks to show losses for diverting the funds by selling the stock out of the books.
“It was also alleged that the accused failed to repay the loan amount resulting in the loss of approximately Rs 100.46 crore to the bank,” the statement said.
Further investigation in the matter is underway. (ANI)