CBI registers case against SBI ex-chief manager for misusing bank funds

 The Central Bureau of Investigation (CBI) on 29 March registered a case against two directors of Kolkata based private company and said private company and the then Chief Manager of Industrial Finance Branch of State Bank of India (SBI), Kolkata and others.

The case has been registered on a complaint lodged by SBI, Kolkata.

It has been alleged that the said company availed different loans amounting to Rs.142.89 crore (approx) from Industrial Finance Branch of the SBI, Kolkata and after availing the loans, the company and its directors in criminal conspiracy, misused the funds of the loans for the purposes other than the business.

It was further alleged that the then chief manager of bank abused his official position and allowed such misuse of bank funds.

An alleged loss of Rs.164.99 crore (approx) was caused to Bank during 2011-2013.

Searches are being conducted today in the premises of accused at Kolkata.

-ANI