Overview
- The CBI’s Mumbai unit has registered a case against Signet PP Ltd, its directors, and unknown public servants, based on an Indian Bank complaint that pegs the loss at ₹29.97 crore.
- The bank alleges the borrower overstated stock and book-debt figures, with receivables shown to the bank not matching the company’s GST filings.
- Investigators say the firm diverted parts of the loan for other purposes and routed transactions through other banks without informing the lender.
- Indian Bank later treated the account as a non-performing asset and reported it to the Reserve Bank of India as a fraud, prompting escalation to investigators.
- The FIR cites cheating and criminal conspiracy under the IPC and provisions of the Prevention of Corruption Act, and the inquiry now examines possible public-servant involvement.