CBI starts case against a former chief manager of a SBI branch in Kolkata

KOLKATA: The Central Bureau of Investigation has registered a complaint against a former chief manager of Industrial Finance Branch of SBI in Kolkata and two directors of Kolkata-based companies for allegedly incurring a loss of around Rs 165 crore by cheating the bank.

Cases have been initiated and charges of cheating and criminal conspiracy slapped against the accused persons, said CBI sources. A special team of the CBI today conducted raids in the office premises of the said companies in Kolkata.

According to CBI, the case was started after the agency received complaint from SBI in this regard. It was alleged that the said company availed different loans amounting to Rs.142.89 crore from Industrial Finance Branch of SBI, Kolkata and after availing the loans, the company and its directors in criminal conspiracy, misused the funds of the loans for the purposes other than the business.

It was further alleged that the then chief manager abused his official position and allowed such misuse of bank funds. An alleged loss of Rs.164.99 crore was caused to the bank during 2011-2013.