The CBI has filed an FIR against home appliances showroom chain Sargam Electronics and its directors in over Rs 22.13 crore alleged bank fraud in the State Bank of India, officials said on Tuesday.
The company, headquartered in the Rohini area of the national capital and having over 50 multi-brand showrooms in Delhi, Haryana, Uttar Pradesh, Uttarakhand, Punjab and Jharkhand, was booked along with its Directors Deepak Kumar, Daya Nand and Dinesh Kumar Bansal on a complaint from the SBI under IPC sections related to criminal conspiracy, cheating and provisions of the Prevention of Corruption Act.
It is alleged that the accounts of the company, which had been banking with the SBI since 2013, became inactive in 2021 and later declared a non-performing asset in 2022. In September 2023, the SBI declared the account fraud.
The SBI, in its complaint, now part of the FIR, has alleged that the company and its directors shifted and sold the stock hypothecated to the SBI without informing the bank and proceeds were not deposited with the bank.
The bank has alleged that the accused directors and the company cheated the bank in a criminal conspiracy and misappropriated the funds to the tune of Rs 22.13 crore (plus accrued interest) and corresponding gains to themselves.
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