A CBI team has found incriminating documents during raids conducted at the residence and offices of three city-based builders and two former officials of State Bank of Mysore here in connection with a multi-crore loan scam.
The agency seized incriminating documents from the residence and offices of two partners in Prakhar Construction Builders and Developers here besides from M/s Tanushree Homes and Bank Manager as well as Assistant Manager, who were suspended following the scam during in 2006-2009.
Raids were carried out yesterday at Mysore, Bhopal and New Delhi, in connection with three cases registered by the central probe agency following a complaint against them, an official release said today.
According to the CBI, the officials entered into criminal conspiracy with the firms and sanctioned 42 housing loans to apparently ghost borrowers of builders M/s Prakhar Construction on the basis of false documents.
The whereabouts of borrowers is not known and no sale deed is available in respect of these 42 housing loans and the builder firm, causing a loss of Rs 4.47 crore to the bank.
The bank officials are accused of colluding with construction firms and sanctioning loans without verification causing a loss of more than Rs 12 crore.
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