The CBI has booked six State Bank of India officials and Nashik-based real estate firm Sun Infrastructure for allegedly cheating the bank to the tune of Rs 23.86 crore and recovered Rs 50 lakh in cash from one of the accused during searches, officials said on Tuesday.
The CBI has booked bank officials Shailendra Kumar, Abbas Morbi, Prashant B Varadkar, Arun S Bhagat, MMK Rao and Shivaji Murkute after their prosecution was cleared by the competent authority, they said.
The probe agency on Monday conducted searches at 11 locations in multiple cities after registering the case against Sun Infrastructure Ltd for causing a loss of around Rs 23.86 crore to State Bank of India, the officials said.
The searches were spread across four cities -- Mumbai, Nashik, Bengaluru, Nagpur.
Directors of the company -- Anil Bharvallal Jain, Anant Keshav Rajegaonkar, Bittu Mahgilal Singhi, Amit Gupta and Pavan Kumar Bansal -- have also been named in the CBI FIR, they said.
The case pertains to alleged irregularities in loan sanctioned for construction of a residential project in Nashik for which another property was put as collateral.
The chartered accountants' certificate for expenses incurred in the project was Rs 54.32 crore, whereas while the cost stated in the chartered engineer certificate was Rs 23.75 crore, it alleged.
It was observed that level of activity in 2016 and status of the project was not in accordance with the disbursement of loan, they said.
The company allegedly changed the building plan and reduced the construction of the commercial area to very marginal level, they said.
The change in the building plan resulted in the reduced value of the collateral security and it was done without the consent of the bank, they said.
The bank alleged "serious irregularities" relating to use of fund committed by borrower and directors of the company establish fraud by way of diversion of funds and utilising the FSI (floor space index) of the plot mortgaged to the bank for the construction of residential building for which the loan was given.
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