KOLKATA – The Economic Offences Branch (EOB) of the Central Bureau of Investigation (CBI) has registered a First Information Report (FIR) against a Ghazipur-based automobile company and its directors for allegedly defrauding the State Bank of India (SBI) of approximately ₹11.24 crore.
The FIR, dated January 14, 2026, follows a formal complaint lodged by Sanjeev Kumar, Deputy General Manager at SBI’s Administrative Office in Varanasi.
The Accused and Charges
The investigative agency has named M/s Pawansut Automobiles India Pvt. Ltd. and its three directors as the primary suspects:
- Abhishek Singh
- Amresh Singh
- Vivek Singh
The accused face charges under the Indian Penal Code (IPC) for criminal conspiracy, cheating, criminal breach of trust, and forgery. Additionally, Section 7 of the Prevention of Corruption Act has been invoked against unknown public servants suspected of involvement in the conspiracy.
Modus Operandi: Diversion and Bogus Statements
According to the bank’s complaint, the firm—which holds a dealership for Ashok Leyland trucks and buses—availed credit facilities totaling ₹23.39 crore between 2019 and 2020. The fraud allegedly involved several deceptive practices:
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- Bogus Documentation: The suspects submitted fabricated financial and stock statements to dishonestly secure and maintain credit limits.
- Non-Routing of Funds: Despite posting sales of ₹115.31 crore in FY 2019-20, the company allegedly bypassed its SBI accounts. Instead, sale proceeds were routed through an unauthorized current account at Poorvanchal Bank.
- Siphoning and Diversion: Bank funds were allegedly diverted to related entities and used to liquidate debts with NBFCs (such as Mahindra & Mahindra Finance and Tata Capital) instead of being used for the sanctioned business purposes.
- Hypothecated Stock: The company is accused of siphoning off or relocating hypothecated stocks without the bank’s knowledge or consent.
Financial Impact and Recovery Status
The account was classified as a Non-Performing Asset (NPA) on September 1, 2020, following an observed irregularity of ₹7.98 crore. At the time of declaration, the total outstanding loss to SBI was pegged at ₹11.24 crore plus applied interest.
The bank reported the matter as fraud to the Reserve Bank of India (RBI) on December 21, 2021. SBI has already initiated recovery proceedings through a suit filed at the Debts Recovery Tribunal (DRT), Allahabad.
Wider Investigation
This is not the first time the suspects have come under law enforcement scrutiny. The CBI noted that a similar case was previously registered by the Punjab National Bank (PNB) in Patna against the same entities, alleging a similar modus operandi.
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While internal bank investigations have not yet identified specific criminal lapses by SBI staff, the CBI is continuing to investigate the role of any “unknown bank officials” who may have facilitated the siphoning of public money. Inspector Manoj Kumar has been tasked with the investigation.
