The CBI has registered three cases against three companies, their directors and some State Bank of India officials, including two AGMs, for causing the public sector bank a loss of Rs 136.93 crore. The first case pertains to alleged fraud committed by Top Worth Pipes and Tubes Pvt Ltd , its directors Abhay Lodha, Shishir Hiray and Harshraj Bagmar, and bank officials — Thyagaraju Inamanamelluri, the then AGM, Vilas Ahirrao, the then deputy manager and Madhura Sawant, the then deputy manager (bills). Their alleged actions caused a loss of Rs 56.81 crore, the CBI said.
The second case pertains to the alleged irregularities caused by Maheep Marketing Pvt Ltd, its directors Gajendra Sandim and Hemant Sanghvi, and Inamanamelluri, the AGM, Ahirrao, and Sawant, which caused an alleged loss of Rs 49.99 crore. The third case pertains to the alleged irregularities caused by Harsh Steel Trade Pvt Ltd, its director Chetan Mehta, Mahadev Shringare and bank officials Jagdish Kulkarni, the then AGM, SBI and Sadananand Girkar, the then deputy manager, SBI.
“The case has been registered for cheating and conspiracy under the Indian Penal Code and Section 13(2) r/w 13(1)(d) of P C Act, 1988 against three companies based in Mumbai; its officials; certain Bank officials of State Bank of India and unknown officials and private persons. An alleged loss of Rs 56.81 crore (approx.); Rs. 49.99 crore (approx.) and Rs 30.13 crore (approximately) was caused to the State Bank of India on account of the frauds committed by the three companies,” said the CBI in a press release.
According to the agency, the three companies enjoyed bill discounting facilities against the Letters of Credit issued by the State Bank of India, D N Road branch and PM Road Branch, Fort, Mumbai. “But 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. The internal enquiry by the bank also revealed irregularities such as raising multiple invoices, false lorry receipts showing incorrect vehicle registration numbers and vehicles other than heavy goods transport vehicles being shown as means of transportation,” said an official.
Searches were conducted on Tuesday at 17 places in Mumbai, Raigad, Malegaon and Amravati, including the office and residences of the accused which, led to the recovery of incriminating documents.