Traders Defraud SBI’s Ahmedabad Branch of Crores; CID Registers Complaint Against Gandhinagar and Kalol Businessmen

AHMEDABAD — Two prominent traders operating out of Gandhinagar and Kalol have been booked by the CID Crime following allegations of defrauding the State Bank of India's (SBI) main branch in Ahmedabad of crores of rupees.

The economic offences wing of the CID Crime registered an official complaint after internal bank audits and preliminary probes exposed systematic financial irregularities and fraudulent transactions executed by the accused businessmen.

CID Probe Exposes Siphoning Scheme

According to investigation details, the duo managed to secure massive credit facilities and commercial loans from the Ahmedabad SBI branch by submitting forged documentation and misrepresenting their business assets. Over a period, the funds were systematically diverted away from their declared commercial usages into separate accounts, leading to a massive financial loss for the public sector lender.

The matter came to light when the loan accounts defaulted, prompting SBI authorities to initiate an internal inquiry. The audit uncovered fabricated balance sheets, inflated collateral values, and unauthorized movement of funds, forcing the bank's management to approach law enforcement agencies for intervention.

Nationwide Crackdown on Corporate Loan Fraud

The CID Crime branch has booked both traders under relevant sections covering criminal breach of trust, forgery, cheating, and criminal conspiracy. Senior officials confirming the development stated that dedicated teams have been formed to trace the diverted funds, examine the role of potential internal insiders, and seize assets linked to the fraudulent proceeds.

This action comes amid a broader, intensified drive by Gujarat's law enforcement agencies targeting large-scale financial cheats, corporate loan defaulters, and banking fraud syndicates operating across major commercial centers in the state.