CBI Uncovers Fraud Cases Involving Over ₹36 Crore in Himachal

Shimla Jan 23

The Central Bureau of Investigation (CBI) has taken significant action in two separate fraud cases involving nationalized banks in Himachal Pradesh. The cases, involving private companies, have led to a massive financial loss of ₹36.34 crore to the two banks. In these incidents, ₹33 crore was defrauded from the State Bank of India (SBI), and ₹3.34 crore from Punjab National Bank (PNB). CBI has registered cases in both matters and initiated investigations. These frauds have caused a significant blow to the public exchequer and are related to the districts of Solan and Sirmaur.

Fraud of ₹33 Crore with SBI in Solan

The first case is linked to the Baddi area in Solan district, where a private company based in Hyderabad allegedly committed fraud of ₹33 crore with SBI’s Baddi branch. The company’s plant and factory are located in the industrial area of Baddi. The company’s Managing Director, Sandharpalle Venkateiah, and Director, Gudaluru Mastan, allegedly colluded with unknown government officials and private individuals to carry out the fraud. The investigation revealed that the accused attempted to sell assets already mortgaged to the bank without authorization. Furthermore, the proceeds from these sales were not deposited into the bank, instead used for personal purposes.

Fraud of ₹3.34 Crore with PNB in Sirmaur

The second case involves fraud worth ₹3.34 crore with Punjab National Bank in Sirmaur district. CBI has filed a case against two partners of Devang Sales Corporation, a company registered in Rajasthan, and other unknown individuals. The company took advantage of a cash credit facility from the PNB’s Parmanu branch for its unit in Kala Amb, Sirmaur district, and subsequently committed fraud. The case was registered based on a complaint from the bank’s branch manager, Kapil Matta. CBI’s Anti-Corruption Bureau in Shimla is currently investigating both cases. The total loss to the government has amounted to ₹36.34 crore.