CBI Raids Mumbai IT Infra Co for Defrauding SBI of Rs862 Cr
IANS 11 October 2021
The Central Bureau of Investigation (CBI) has raided at least nine official and residential premises in Mumbai and other parts of Maharashtra in connection with a case for allegedly defrauding the State Bank of India (SBI) and seven other consortium banks to the tune of over Rs862 crore, an official said on Monday.
The raids were targeted against Trimax IT Infrastructure & Services Ld (TIISL), its managing director Surya Prakash Madrecha, director Chandra Prakash Madrecha, and other unknown officials and private persons.
The action followed a complaint by SBI against the accused of cheating the Bank and its other consortium member-banks of the amount between 2009-2017.
SBI said that during the period, the accused were sanctioned credit facilities under consortium banking and these were enhanced regularly.
However, the company's managing director and directors conspired to manipulated the books of accounts and diverted the funds released, thereby cheating the seven banks.
Undergoing bankruptcy proceedings, the TIISL provided IT support to various public sector banks, to a government company for rolling public Wi-Fi networks and has operations in Singapore.
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