The Central Bureau of Investigation (CBI) has filed a chargesheet against Shubhkamna Buildtech Private Limited, its promoters, directors, and several bank officials in connection with an alleged ₹2,469 crore bank fraud case. The case revolves around fraudulent activities related to loan accounts of the company.
The chargesheet names Shubhkamna Buildtech, its promoters Vikas Sharma and Kamal Sharma, directors Praveen Kumar Agarwal and Sanjay Kumar Agarwal, along with officials from Punjab National Bank (PNB), Oriental Bank of Commerce (now Punjab National Bank), and State Bank of India (SBI).
Investigations revealed that Shubhkamna Buildtech availed of various credit facilities from several banks and subsequently committed financial irregularities. The company allegedly diverted funds, created fictitious sales, and inflated stock inventories to avail of and enhance credit limits.
Specifically, the CBI alleges that the company misrepresented its financial position to banks, falsified records, and engaged in round-tripping of funds. This involved using loan amounts for purposes other than those stated during loan applications, ultimately leading to losses for the banks.
The chargesheet details how the accused bank officials allegedly colluded with the company, failing to conduct proper due diligence and overlooking red flags during loan disbursement and monitoring. This facilitated the fraudulent activities and allowed the company to siphon off funds.
The CBI has accused the individuals and the company of criminal conspiracy, cheating, forgery, and offences under the Prevention of Corruption Act. The agency conducted searches at multiple locations following the registration of the FIR in May 2023.
The alleged fraud came to light after banks reported irregularities in the loan accounts of Shubhkamna Buildtech. The CBI investigation was initiated based on these complaints. The chargesheet is based on the evidence collected during the investigation, including documents, statements, and financial transactions. Further investigation is ongoing.
