State Bank Of India

Central Bureau of Investigation (CBI) has booked Nandini Industries India (NIIPL) along with its Managing Director Haridass Ramesh in an alleged fraud of Rs 218.21 crore in State Bank of India (SBI). It is alleged that the accused diverted loan proceeds through subsidiary companies by submitting inflated invoices.

The loan account was declared as NPA in March 2014 due to non-payment of dues to the State Bank of India. Out of the total limits, an amount of Rs 54.21 crore (approximately) was outstanding as on NPA date (March 30, 2014). The said amount increased to Rs 172.71 crore (approximately) as on November 30, 2019 and to Rs 218.21 crore (approximately) as on March 31, 2021 including interest. The CBI action came on a complaint from the SBI which had declared the account as fraud after forensic audit.

SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.