In a bank fraud case amounting to Rs 133 crore, the CBI has filed a case against five directors of Furnace Fabrica (India) Ltd and public servants based on a complaint from the State Bank of India. The accused are alleged to have obtained higher credit facilities from SBI through false financial information, causing a loss to the bank.
The CBI initiated the case after conducting searches at various locations linked to the company’s directors in Mumbai and Cochin. The investigation revealed that the accused diverted funds for unauthorized purposes, leading to financial losses for the bank. Incriminating evidence related to the fraudulent activities was seized during the searches.
The probe is ongoing to uncover the full extent of the conspiracy, determine the involvement of all parties, including public servants and private individuals, and track the utilization of the loan funds. In a separate incident, the CBI also conducted searches in connection with another bank fraud case worth Rs 30.63 crore involving a Mumbai-based company and its directors.
