The Central Bureau of Investigation (CBI) logo at CBI head quarters, in New Delhi.
| Photo Credit: PTI
According to the bank, the fraud was detected during an inquiry from 2008 to 2014
The CBI has registered a case against Chennai-based Thangam Steels Limited, its managing director and directors for allegedly causing a loss of ₹88.27 crore to State Bank of India. The credit facility account had been declared non-performing asset (NPA) in May 2013.
Among those named are the company managing director P.S. Krishnamurthy and directors, P.K. Vadiambal and P.K. Srinivasan.
The bank lodged a complaint with the CBI on June 25, seeking action against the borrowing company and the others who had stood guarantee. The company availed