4 tech firms dupe SBI of 32 crore with fake docs, face CBI probe

The CBI’s economic offence wing in Chennai initiated a probe against four software firms in Andhra Pradesh in connection with the cheating of SBI to the tune of Rs 32 crore by obtaining loans using fabricated documents.
4 tech firms dupe SBI of 32 crore with fake docs, face CBI probe
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Interestingly, three of the four firms submitted similar fake documents having same survey numbers to the bank to avail of crores of rupees as loan for development of their firms.
The probe against Globaltek Prosolutions, Mammoth Technology, Hatch Studios and Malvi Software based in Visakhapatnam was initiated by the EOW sleuths based on complaints from SBI officials in Visakhapatnam.
According to the CBI FIR, the case was filed against the executives and directors of the companies after the bank discovered the fraud. The CBI had listed two directors of Globaltek, four executives of Mammoth Technology, two directors of Hatch Studios in one FIR, while the second FIR has names of four senior executives linked to Malvi Software.
Golbaltek, Mammoth Technology and Hatch Studios had all submitted fake documents during the financial year 2012-13 with sale deeds of properties with survey number 24/3D2 of Chemmalapalli village, Gopalapattinam, Visakhapatnam to avail of loan. The fake documents showed the sale deeds of the land with same survey numbers executed in the name of directors of three different tech firms, which availed of loans from the same SBI overseas branch.
Globaltek had availed of Rs 8.62 crore loan, while Mammoth Technology received Rs.6.12 crore, Hatch Studios got Rs 8.68 crore as loan by submitting similar fake documents at the bank, while Malvi Software availed of Rs 8.68 crore loan with another fabricated documents.
The CBI had not named any bank official in the FIR but included them as unnamed public servants in the list of suspects.

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