In a statement released Wednesday, the agency said the chargesheet has beeen submitted before the court of special judge, CBI cases in Jaipur. The agency named 18 people which included a chartered accountant and former officials of the Syndicate Bank, among others.
The CBI said that it had registered a case back in 2017, following a complaint from the bank’s regional office located in Jaipur, which alleged that 118 loans were sanctioned and disbursed from three branches of the bank located in Jaipur and Udaipur.
“The 118 loans were housing loans, term loans for the purchase of commercial property in World Trade Park (WTP), among others,” the agency said in the statement.
As per the agency, an Udaipur-based CA, identified as Bharat Bomb, along with his employees and others hatched a conspiracy with bank officials in Jaipur and Udaipur to sanction various credit facilities.
“The accused thereby cheated the bank to the tune of Rs 209.93 crore (approximately) on the basis of forged and fabricated documents, bills, quotations, certificates, etc. It was also alleged that several of the borrowers were found to be ordinary employees in firms owned by the CA and others, and (they were) not eligible for such high-value loans,” the agency said.
During its investigation, the CBI found that the accused had allegedly approached the bank’s Jaipur branch located on MI Road, seeking term loans for purchasing commercial properties and units at the World Trade Park ltd, on the basis of forged income tax returns showing inflated income of the borrowers, forged quotations, invoices, purchase orders, work orders, and forged CA certificates along with audited financial statements.
It was also alleged that the then manager of the bank’s MI Road branch recommended and the then AGM/branch head to sanction various credit facilities by violating bank guidelines and without exercising due diligence. These bank officials allegedly sanctioned term loans for the purchase of commercial properties, housing properties, and working capital term loans to various individuals, firms, and companies linked to the accused.
“Searches were also conducted at various premises of (the) accused. Further investigation is will be done to look into the role of the other accused,” the agency said.