Mumbai, June 21 (IANS) The CBI conducted searches at multiple premises linked to the partners of a Mumbai-based firm over a loan fraud that caused a loss of Rs 62.42 crore to Indian Bank, an official said on Sunday.
The searches were conducted in Mumbai and other locations pursuant to search warrants issued by the Special CBI Court here, said the federal probe agency.
During the searches, incriminating documents relevant to the investigation were recovered and seized, the Central Bureau of Investigation (CBI) said in a statement.
Preliminary scrutiny of the seized material indicates the existence of debtor entities whose credentials are under verification. Documents relating to the alleged inflation of debtor figures for availing enhanced credit facilities have also been seized, said the agency.
The CBI registered the case on June 18 based on the complaint of Indian Bank, Stressed Asset Management Branch, Mumbai, against the city-based firm, its partners, unknown public servants and unknown private persons, said the statement.
Following registration of the case, CBI conducted searches on June 20 at multiple premises linked to the partners of the firm in Mumbai and other locations, it said.
The federal probe agency said that more searches are likely to take place as the investigation continues to ascertain the full extent of the conspiracy.
The investigators are also trying to identify the role of all involved persons, including public servants and private individuals, and trace the end-use of the loan funds.
In a separate case in Gandhinagar, the CBI booked Amleshbhai Gumanbhai Gamit, former State Bank of India’s Kadjodara branch manager, for charges of criminal conspiracy, cheating, criminal breach of trust and criminal misconduct, among others.
He was allegedly involved in fraudulent loan transactions that caused a financial loss to the bank to the tune of Rs 1.18 crore between 2022 and 2025.
The CBI said that during an examination of records and an investigation conducted by the bank, serious lapses were noticed in the manner in which several agricultural loans, Khan Credit Card (KCC) accounts, Maha Dairy Loans and other credit facilities were sanctioned, operated and disbursed, said the FIR registered on June 17.
It was alleged that Gamit dishonestly and fraudulently utilised loan proceeds sanctioned in the names of various borrowers without their knowledge, consent and authorisation, the CBI said.
–IANS
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