The Central Bureau of Investigation (CBI) carried out searches at various locations connected to the partners of a Mumbai-based firm regarding a loan fraud that led to a Rs 62.42 crore loss for Indian Bank. These searches, authorized by the Special CBI Court in Mumbai, resulted in the recovery of incriminating documents crucial to the investigation. The seized material suggests the presence of debtor entities, with their credentials currently under scrutiny.
The CBI initiated the case on June 18 following a complaint from Indian Bank’s Stressed Asset Management Branch in Mumbai against the firm, its partners, unidentified public servants, and private individuals. The agency seized documents indicating the alleged inflation of debtor figures to secure increased credit facilities. Further searches were conducted on June 20 at multiple locations linked to the firm’s partners in Mumbai and elsewhere. As the investigation progresses, additional searches are anticipated to uncover the full scope of the scheme.
In a separate incident in Gandhinagar, the CBI filed charges against Amleshbhai Gumanbhai Gamit, a former branch manager at State Bank of India’s Kadjodara branch, for offenses including criminal conspiracy and cheating. Gamit was implicated in fraudulent loan activities resulting in a bank loss of Rs 1.18 crore between 2022 and 2025. An FIR lodged on June 17 highlighted significant irregularities in the sanctioning and disbursement of agricultural loans, Khan Credit Card accounts, Maha Dairy Loans, and other credit facilities. The CBI alleged that Gamit misused loan funds without the borrowers’ knowledge or consent, leading to financial losses for the bank.
