CBI registered case against private firms for cheating SBI- 65 cr

Hyderabad, March 27: The CBI on Tuesday said it has registered a case against a private company and eight others including directors and unknown public servants for cheating the State Bank of India (SBI) to the tune of Rs 65 crore, given out as loans which have since turned bad.

On a complaint filed by the SBI, a case has been registered against Jay Ambe Gowri Chem Ltd (formerly known as Jay Ambe Gowri Petro Chem Ltd), its Chairman and Managing Director Narendra Kumar Patel, and others including directors for defrauding the bank, a Central Bureau of Investigation (CBI) official said.

In its complaint the bank alleged that the company had been banking with it since 2009 after taking over the credit facilities under availment from Axis Bank.

"The credit facilities included cash credit, term loan and letter of credit," the complaint said.