The Central Bureau of Investigation has registered three cases against three companies based at Mumbai; its officials; certain Bank officials of State Bank of India and unknown officials & private persons. An alleged loss of Rs 56.81 crore (approx.); Rs. 49.99 crore (approx.) and Rs. 30.13 crore (approx.) was caused to State Bank of India on account of the frauds committed by the said three companies.
It was alleged that the said private companies enjoyed bill discounting facilities against the Letters of Credit issued by State Bank of India, D. N. Road branch and PM Road Branch, Fort, Mumbai. However, 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. Searches were conducted at 17 places in Mumbai, Raigad, Malegaon, Amravati including office & residential premises of accused which led to a recovery of incriminating documents.