The Central Bureau of Investigation (CBI) has filed an FIR against a former bank manager and three others for committing a loan fraud of Rs 17.91 crore.
A senior CBI official said that between 2013 and 2014, M.P. Nagar, while working as the Relationship Manager of Medium Enterprises (RMME) in the erstwhile State Bank of Bikaner & Jaipur (SBBJ), was handling loans for Medium Enterprises in Thane, Belapur, Panvel, Ghatkopar, and other regions of Mumbai.
Nagar allegedly conspired with Ashwini Agarwal of JMBB Business, Manoj Kumar, and Meena Baheti, among others, and facilitated the sanction and disbursal of a loan of Rs 17.91 crore to JMD Corporation of India Ltd based on inflated property valuations.
Nagar received illegal gratification of Rs 5 lakhs from Agarwal with the involvement of Kumar and Baheti.
“This loan was sanctioned in 2014 based on Nagar’s recommendation. He, in collusion with private individuals, artificially inflated the property values. Subsequently, the loan funds were diverted, and the stocks were disposed of, causing a loss to SBBJ Bank. As a result, the loans turned into non-performing assets (NPAs),” the official said.
Nagar was dismissed from service on May 5, 2021.
Based on this, the CBI has now registered an FIR under sections 120-B of IPC, read with sections 7, 8, and 12 of the Prevention of Corruption Act.
Further investigation into the matter is ongoing.
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