CBI files FIR against IT co. for defrauding SBI and other banks

The Central Bureau of Investigation (CBI) carried out raids in nine official and residential premises in Mumbai and other parts of Maharashtra in connection with the case of a company allegedly swindling the State Bank of India (SBI) and seven other consortium banks to the tune of over Rs. 862 crores.

The CBI has targeted Trimax IT Infrastructure & Services Ltd (TIISL) and its Managing Director Surya Prakash Madrecha along with Director Chandra Prakash Madrecha and unknown public servants and other officials. The instabilities were reported between 2009 to 2017.

The SBI said that during the period, the accused were authorized credit facilities under consortium banking and were escalated regularly.

CBI spokesperson RC Joshi said the directors of the private company, allegedly acting in conspiracy with others, "manipulated the books of accounts, diverted the funds" released by banks, thus, cheated seven consortium member banks including SBI.

"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 accused company in conspiracy with others manipulated the books of accounts, diverted the funds released by banks and cheated seven consortium member banks including State Bank of India to the tune of Rs 862.06 crore," Joshi said.