Maheep Marketing Pvt Ltd and other Mumbai-based companies involved in Banking Fraud

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Adverse Media, CBI, Money Laundering

Maheep Marketing Pvt Ltd and other Mumbai-based companies are largely involved in the case of banking fraud. The CBI investigation of the  three separate cases of banking fraud against three Mumbai-based companies for an alleged banking fraud that caused a cumulative loss of over Rs 1.36 billion to State Bank of India, officials said here today.

Though, one of the cases is against Top Worth Pipes and Tubes Pvt. Ltd, its Directors Abhay Narendra Lodha, Shishir Shivaji Hiray, Harshraj Shantilal Bagmar, the then SBI officials AGM ThyagarajuInamanamelluri, Deputy Manager Vilas Narhar Ahirrao, Deputy Manager, Madhura Mangesh Sawant for allegedly causing a loss of Rs 568.1 million to the bank, the officials said.

The State Bank of India issued Letter of Credit to the companies. Bill discounting facilities provided. The companies observed diversion of funds. ” CBI Spokesperson Abhishek Dayal said. Bank revealed irregularities such as raising multiple invoices, false lorry receipt etc. The  searches  conducted at 17 places in Mumbai and in different parts of Maharashtra. It included the registered office and residential premises of the accused. Therefore, it led to recovery of “incriminating documents”.

Final Words

Central Bureau of Investigation (CBI) investigated into the case very deeply. This case related to bank fraud. The State Bank of India (SBI) suffered a loss of Rs. 1.36 billion. Maheep Marketing Pvt Ltd and other Mumbai-based companies involved at large in the bank fraud case.