The Central Bureau of Investigation (CBI) filed charges against former chairman and managing director R K Dubey over allegations of providing about Rs 68 crore loan to Delhi-based jewellery company, Occasion Silver Pvt Ltd, which fell under Quick Mortality Assets and turn bad within a year of the bank giving it the loan. Charges were framed against then Executive Directors (Ashok Kumar Gupta and VS Krishna Kumar), and two directors of the Occasional Silver Company Ltd (Kapil Gupta and Raj Kumar Gupta) in the case.
Furtehr, The CBI also had arrested seven people – including two former managers of the country`s top lender, State Bank of India, a former manager of Canara Bank and directors of a Kolkata-based private company — in a separate “bank fraud” case of about Rs 150 million ($2.3 million).
CBI also alleged that the the funds were siphoned off through a chain of alleged bogus transactions facilitated by fake sister concerns, family members and bank officials including the top executives.
CBI had sms messages from the CMD directing subordinate officers to favour the Kamala Nagar-based company in disbursing the loan.