NEW DELHI: The Special Task Branch (STB) of the Central Bureau of Investigation (CBI) has registered a Regular Case (RC) against a Delhi-based private trading company and its directors for allegedly cheating the State Bank of India (SBI) of approximately ₹8.48 crore plus accrued interest.
The Accused
The FIR, registered on January 2, 2026, names the following individuals and entities as primary suspects:
- M/s Neeraj Sales Private Limited: A company involved in the trading of edible oils.
- Mr. Pankaj Anand: Director and Personal Guarantor.
- Mrs. Poonam Anand: Director and Personal Guarantor.
- Mrs. Subhash Anand: Third-Party Guarantor.
- Mr. Amit Anand: Third-Party Guarantor.
- Unknown public servants and private persons.
The Modus Operandi
According to the complaint filed by Shri Manjeet Singh, Deputy General Manager at SBI’s Administrative Office-II, New Delhi, the accused entered into a criminal conspiracy between 2020 and 2023 to defraud the bank.
The CBI investigation highlights several key irregularities:
- Undertaking Violation: Despite providing a written undertaking to SBI not to open or operate accounts with other banks, the company allegedly maintained a current account with Kotak Mahindra Bank in Vikaspuri.
- Diversion of Funds: The company allegedly diverted sales proceeds from hypothecated goods and other receivables into this secret account instead of depositing them with SBI.
- Asset Disposal: The company reportedly sold or shifted stock hypothecated to SBI without prior permission, directly breaching the agreed terms of the credit facility.
- Concealment of Debt: The company availed an additional ₹2.00 crore facility from IndusInd Bank, which turned into a Non-Performing Asset (NPA) as early as July 2021.
Financial Timeline and Losses
The company initially transferred its loan account from Punjab National Bank to SBI in September 2020, availing credit facilities totaling ₹9.00 crore.
More Read
The financial decline followed a rapid trajectory:
- May 28, 2021: Loan account first classified as NPA due to interest default.
- November 29, 2021: The bank approved a restructuring plan to help the business recover.
- April 10, 2022: The restructured account turned NPA again due to continued non-payment.
- November 14, 2023: SBI officially declared the account as Fraud.
- May 26, 2025: The account was re-classified as fraud after the bank complied with Supreme Court guidelines regarding the “right to be heard” for borrowers.
The bank has already taken recovery action under the SARFAESI Act, selling three residential properties belonging to the directors and guarantors for a net proceed of approximately ₹3.93 crore, which was appropriated against the loan. However, a significant shortfall of ₹8.48 crore remains.
Legal Action
The CBI has invoked Sections 120-B (Criminal Conspiracy) read with 420 (Cheating) of the Indian Penal Code, along with Section 7 of the Prevention of Corruption Act, 1988. While a staff accountability examination by the bank did not initially find lapses by bank officials, the CBI has not ruled out the role of unknown public servants.
More Read
The case has been entrusted to Inspector Chander Bhan of the STB Delhi for further investigation.
