Assam: CBI Registers Two Cases in SBI Loan Fraud, Recovers Gold & Documents

The Central Bureau of Investigation (CBI) has registered two cases against multiple individuals, including a former Branch Manager of the State Bank of India (SBI), Sribhumi branch, and two private individuals, over allegations of bank fraud, corruption, and bribery.

According to officials, the former Branch Manager conspired with middlemen to sanction Xpress Credit Loans to ineligible borrowers between 2023 and 2024. It is alleged that these loans were approved in exchange for undue advantages and bribes, which were collected by the middlemen and other unidentified individuals from the borrowers.

As part of its investigation, CBI conducted searches at four locations—Gaya in Bihar, Hailakandi in Assam, and two locations in Silchar, Assam. The searches led to the recovery of a significant amount of gold, diamonds, and silver from the accused Branch Manager’s residence in Silchar. The seized valuables include 481 grams of gold, 11.11 grams of diamonds, and 1,092.80 grams of silver.

Additionally, officials confiscated incriminating documents linked to the alleged fraud, including transaction records with middlemen, bills and invoices related to jewellery purchases, and documents concerning credit loans. Several electronic devices, such as a computer SSD, mobile phone, and tablet, were also seized.

The CBI investigation into the case is ongoing.