CBI registers cases against former SBI managers for committing financial fraud worth crores

CHENNAI: The Central Bureau of Investigation (CBI) has registered two separate cases against two former State Bank of India officials who committed financial fraud to the tune of Rs 7 crores.

The case alleges that SBI Erode Nambiyur Branch Deputy Manager M Karthik Kumar and Manager M Sivahari sanctioned loans of Rs 3.25 crore to ineligible people in violation of norms during 2021-22. They gave 30 express credit loans by forging documents. The financial irregularity was detected by the internal audit department.

Borrowers fabricated CIBIL scores and salary slips. The investigation also found that their loan applications had been rejected earlier by other branches. Apart from Karthik Kumar, his wife Ramya, sister Nithya and mother Mallika Devi were also included as accused.

In another case, Abhijit Kumar, the then Ayyansalai branch manager, was booked for sanctioning 28 express credit loans, 14 SME loans (business), 21 crop loans and one Prime Minister Employment Generation Program (PGEMP) subsidy in 2021. It was found that Abhijit Kumar and his team took a loan of Rs 3.87 crore by forging the bank's documents. A case has been registered by the Madras High Court on charges of forgery, abuse of office, criminal conspiracy and fraud.