The Central Bureau of Investigation (CBI) has filed a case (FIR) against a company in Chhattisgarh and its directors. The company is engaged in the manufacturing and sale of steel products such as pipes, angles, and flats.
The complaint was filed by a consortium of banks, mainly Union Bank of India and Federal Bank. According to the CBI, it was submitted by Anuj Kumar Singh, Deputy General Manager of Union Bank of India, Raipur. The company and its directors are accused of cheating the banks during the period from 2023 to 2025.
What the company is accused of?
The company and its directors worked together with some unknown people (including possibly bank officials and others). They planned together to cheat two banks — Union Bank of India (main bank) and Federal Bank by obtaining loans. They submitted false stock details, misrepresenting the quantity of goods they actually had and also showed fake customers (debtors) who didn’t actually exist.
Now, instead of using the loan for business, the company used the money for other purposes (possibly for unrelated activities or personal use). This is considered misuse of loan funds. The company then stopped paying back the loan (EMIs + interest). Because of non-payment or misuse, the loan account was declared NPA (Non-Performing Asset) in February last year. After investigation, banks declared it as fraud. Because of this fraud, the banks suffered a loss of about ₹61.13 crore.
The company is accused of cheating banks by showing fake business data, taking a big loan, misusing the money, and not repaying it — causing a loss of ₹61.13 crore to the banks. This is more serious than just default; it means intentional cheating is suspected.
