The Central Bureau of Investigation (CBI) has filed a chargesheet against Shubhkamna Buildtech Private Limited, its promoters, directors, and bank officials in connection with an alleged ₹1,622 crore bank fraud case involving the State Bank of India-led consortium.
The case revolves around fraudulent availment of loans and subsequent diversion of funds. Shubhkamna Buildtech, engaged in real estate development, allegedly availed of credit facilities from a consortium of banks led by SBI between 2011 and 2017. The company was accused of manipulating financial statements and providing false information to the banks to secure loans.
The CBI alleges that the promoters and directors of Shubhkamna Buildtech, including Manoj Kumar, Shilpi Kumar, and others, conspired with bank officials to defraud the banks. The accused allegedly siphoned off loan funds for purposes other than those stated in the loan applications, including personal expenses and investments in unrelated businesses.
The chargesheet names 13 accused, including the company, its directors, and several bank officials from SBI and other participating banks. The CBI has accused the bank officials of failing to exercise due diligence and proper monitoring of the loan accounts, thereby facilitating the alleged fraud.
Investigations revealed that the company showed inflated revenues and profits to project a healthy financial position. The CBI found evidence of round-trip transactions and layering of funds to conceal the diversion of funds. The agency has identified properties and assets allegedly acquired with the fraudulently obtained funds, which are being investigated for attachment.
The CBI had initially registered a case in 2022 following a complaint from the SBI. The investigation has been ongoing since then, with the agency conducting searches at multiple locations and examining numerous documents. The chargesheet is based on the evidence collected during the investigation. The court will now take cognizance of the chargesheet and initiate proceedings against the accused. The alleged fraud has resulted in a significant financial loss to the banks involved.
