Mumbai Crime: CBI Books Realty Firm, Directors In Alleged ₹26.55-Crore SBI Bank Fraud Case

CBI Mumbai registered a case against a realty services company and its directors for allegedly causing a loss of Rs 26.55 crore to State Bank of India (SBI).

The company was sanctioned a Rs 25 crore term loan in July 2017 for a project in Hinjewadi, Pune, but submitted a questionable CA certificate inflating construction cost to Rs 29.25 crore from actual Rs 17.88 crore.

Promoters allegedly availed full loan while only 50% of the project was completed, and funds were diverted via loans to an associate concern.

The account turned into a non-performing asset in December 2020 and was declared fraud in March 2025.

Case was registered under IPC and Prevention of Corruption Act for criminal conspiracy, misappropriation, cheating, and misconduct.