Mumbai: The Central Bureau of Investigation (CBI) has registered a case against the partners of a Borivali Westbased construction firm for allegedly causing a wrongful loss of Rs6.88 crore to the State Bank of India (SBI).
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CBI Files First Chargesheet In Reliance ADA Case Against 16 Accused, Including Bank OfficialsAccording to the CBI, the firm had approached the bank’s Vile Parle branch for an assetbacked loan to complete its ongoing project at Borivali West. A loan of Rs7.80 crore was sanctioned on December 28, 2018.
However, after the account became a non-performing asset , a fresh title investigation revealed irregularities in the mortgaged properties.
IDBI Bank Stake Sale: Govt Examining Legal Provisions To Accept Bids Below Reserve PriceIt was found that one flat mortgaged to the bank had already been sold under an agreement dated December 4, 2018, prior to the mortgage created on January 11, 2019.
The accused allegedly knew about the prior sale while offering the property as security. The CBI further said funds were diverted to pay income tax dues of a partner and transferred to related entities, causing wrongful loss to the bank.
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