CBI Searches Mumbai and Cochin Premises in Rs 133 Crore SBI Fraud Case

The Central Bureau of Investigation (CBI) conducted searches at multiple premises in Mumbai and Cochin on Friday in connection with an alleged bank fraud case of Rs 133.52 crore. The agency registered the case on Thursday against a private company, M/s Furnace Fabrica (India) Ltd, and its directors, following a complaint filed by the State Bank of India (SBI) in Mumbai.

The case targets the directors of the company, who have been identified as A.R. Basheeruddin, Badri Prasad, Nezee Basheeruddin, Raiz Basheeruddin, and Sanam Basheer. The CBI's FIR also names unknown public servants and unknown private persons as part of the alleged conspiracy.

According to officials, the accused individuals entered into a criminal conspiracy to fraudulently obtain higher credit facilities from SBI. To secure these credit limits, the directors allegedly submitted false financial information to the complainant bank.

Once the credit facilities were sanctioned and obtained, the accused persons allegedly diverted and siphoned off the bank funds. The CBI stated that these funds were utilized for purposes other than those for which they were originally sanctioned, resulting in a wrongful financial loss of approximately Rs 133.52 crore to the State Bank of India.

Following the registration of the case on Thursday, CBI team members carried out searches on Friday at several premises linked to the directors in both Mumbai and Cochin. During these operations, investigators recovered various incriminating materials relevant to the ongoing probe.

CBI officials stated that the investigation is continuing. The agency is currently working to ascertain the full extent of the conspiracy, identify the specific roles played by all involved individuals—including public servants and private persons—and trace the final end use of the siphoned loan funds.