CBI raids in two states, fraud of Rs 200 crore from Indian Bank and others

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The CBI has registered a case against Steel Hypermart India Private Limited and its directors in Bangalore in a fraud case involving more than Rs 200 crore from the Indian Bank-led consortium.


CBI spokesperson RC Joshi said on Wednesday that the agency had raided the company and the accused in Bangalore and Karnataka districts of Shulagiri, Krishnagiri in Tamil Nadu, adding that apart from the company, directors Mahendra Kumar Singhi and Suman Mahendra Kumar Singhi, chartered accountant Mukesh Surana An FIR has been filed against him.


This action was taken on the complaint of Indian Bank. The complaint alleged that the company had secured a credit facility between the union of Indian Bank and E-Vijaya Bank between 2017 and 2019. His account was declared NPA in April 2019 and in November the same year it was declared as a fraud. Due to this fraud, Indian Bank lost Rs 168.39 crore, and E-Vijaya Bank now Rs 31.99 crore to Bank of Baroda.