CBI raids Mumbai IT company for defrauding SBI of Rs 862 cr

The action came after a complaint by SBI against the accused of cheating the bank and its other consortium member-banks of the amount between 2009-2017

SBI said that during the period, the accused were sanctioned credit facilities under consortium banking and these were enhanced regularly. Credit: PTI File Photo

The Central Bureau of Investigation (CBI) carried out raids in multiple locations including Mumbai and Kolhapur against a company and its officials for allegedly defrauding the State Bank of India (SBI) and seven other consortium banks to the tune of over Rs. 862 crore.

Those who have been booked by the CBI in their FIR are M/s Trimax IT Infrastructure & Services Ltd (TIISL), Surya Prakash Madrecha, Managing Director, TIISL, Chandra Prakash Madrecha, Director, TIISL and unknown public servants and unknown others.

The irregularities were reported between 2009 to 2017.

According to a CBI press statement, it was further alleged that during the period 2009 to 2017, the accused were sanctioned credit facilities under consortium banking which were enhanced from time to time.

It was also alleged that the directors of the company in conspiracy with others manipulated the books of accounts, diverted the funds released by banks and thereby cheated seven consortium member banks including State Bank of India to the tune of Rs 862.06 crore.

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