INDIA. Mumbai: The Central Bureau of India (CBI) has registered an FIR against the former Chief Bank Manager of State Bank of Bikaner and Jaipur (SBBJ) on charges of advancing a loan of Rs 17.91 crore to a private firm based on inflated property valuations.
The FIR (No RCO262023A0028) has been filed under Section 120 B of the Indian Penal Code, along with Sections 7, 8, and 12 of the Prevention of Corruption Act 1988. The accused individuals named in the FIR are Ashwini Agarwal, Manoj Kumar, Meena Baheti, and the former Chief Manager of SBBJ, M P Nagar, along with unknown others.
Nagar, who served as a Relationship Manager for Medium Enterprises/Chief Minister at State Bank of Bikaner and Jaipur (Region I, Mumbai), was responsible for handling loans for Medium Enterprises in areas such as Thane, Belapur, Panvel, Ghatkopar, and other parts of Mumbai.
Between 2013 and 2014, Nagar allegedly conspired with Ashwini Agarwal, the proprietor of JMBB Business, along with Manoj Kumar and Meena Baheti from Jaipur, Rajasthan. They facilitated the disbursal of a loan amounting to Rs 17.91 crore to JMD Corporation of India Limited, based on inflated property valuations.
JMD Corporation, established on February 16, 2009, and located in Iron Market, Kalamboli, Navi Mumbai, was engaged in the manufacture of basic iron and steel.
In exchange for facilitating the loan, Nagar allegedly received gratification of Rs 5 lakh from Ashwini Agarwal, Manoj Kumar, and Meena Baheti, who transferred the money to Nagar’s SBI account. The transfers of money continued throughout 2014. Nagar was subsequently dismissed from service by SBI on May 5, 2021.
After finding evidence of the offense under the IPC and Prevention of Corruption Act, the CBI filed the FIR against the accused and assigned Inspector Manoj Gujar of CBI/ACB, Mumbai to investigate the case.
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