KOLKATA – The Economic Offences Branch (EOB) of the Central Bureau of Investigation (CBI) in Kolkata has registered a First Information Report (FIR) against a Ghazipur-based firm and its directors for allegedly defrauding the State Bank of India (SBI) to the tune of ₹9.26 crore.
The FIR, dated January 15, 2026, was filed following a formal complaint from Sanjeev Kumar, Deputy General Manager at SBI’s Administrative Office in Varanasi.
Allegations of Fabricated Documents and Fund Diversion
The investigation targets M/s Pawansut Earthmovers India Pvt. Ltd. and its directors, Abhishek Singh, Amresh Singh, and Vivek Singh. The company, a dealer for Tata Hitachi construction machineries, allegedly secured credit facilities totaling ₹9.59 crore starting in December 2018.
According to the CBI, the accused directors entered into a criminal conspiracy to cheat the bank through several fraudulent methods:
- Mortgage Fraud: The suspects allegedly used a fake Power of Attorney to mortgage land owned by a trust as collateral security.
- Fabricated Financials: The firm submitted bogus financial and stock statements to dishonestly avail and maintain credit limits.
- Illegal Fund Transfers: Internal bank investigations revealed that funds were diverted to related entities and family members, including ₹1.35 crore to an associate firm, M/s Pawansut Automobiles India Pvt. Ltd., and ₹0.45 crore to the father of the directors.
- Siphoning GECL Funds: Approximately ₹1.59 crore from the Guaranteed Emergency Credit Line (GECL)—intended to provide relief during the COVID-19 crisis—was allegedly diverted to an associate concern instead of supporting the business.
Financial Impact and Legal Proceedings
The account was classified as a Non-Performing Asset (NPA) on September 28, 2021. At the time of the report, the total outstanding irregularity was pegged at ₹9.26 crore plus applied interest.
More Read
The CBI has invoked various sections of the Indian Penal Code (IPC), including Section 120B (Criminal Conspiracy), 420 (Cheating), 409 (Criminal Breach of Trust), and Sections 467 and 468 (Forgery). Section 7 of the Prevention of Corruption Act has also been applied to investigate the potential involvement of unknown public servants.
Recovery efforts are currently underway through multiple channels:
- DRT Allahabad: SBI filed a suit for recovery in December 2021.
- NCLT Allahabad: An insolvency case was admitted against the firm in July 2024.
- Past Records: The CBI noted that a similar case involving these suspects was previously registered by the Punjab National Bank (PNB) in Patna.
The case has been entrusted to Inspector Rahul Kumar of EOB Kolkata for further investigation.
