New Delhi: The Central Bureau of Investigation (CBI) has registered a case in connection with an alleged bank fraud of approximately ₹133.52 crore involving the directors of a Mumbai-based private company.
The agency conducted searches on Friday, at multiple premises linked to the accused in Mumbai, Maharashtra, and Kochi in Kerala.
The case was registered on July 9, 2026, following a complaint from the State Bank of India’s SAM Branch in Mumbai. The complaint named the directors of M/s Furnace Fabrica (India) Ltd., along with unknown public servants and private individuals.
According to the allegations, the accused entered into a criminal conspiracy and secured higher credit facilities from SBI by submitting false and misleading financial information.
The loan funds were allegedly diverted or siphoned off and used for purposes other than those for which they had been sanctioned. This reportedly caused a wrongful loss of around ₹133.52 crore to the bank.
The accused directors named in the case
1. AR Basheeruddin
2. Badri Prasad
3. Nezee Basheeruddin
4.Raiz Basheeruddin
5. Sanam Basheer
The FIR also names unknown public servants and other private individuals whose roles are under investigation.
Incriminating Material Recovered
During the searches, the CBI recovered documents and other material considered relevant to the alleged fraud. The seized evidence is being examined as part of the ongoing investigation.
The agency is now working to determine the full extent of the alleged conspiracy, identify the role of all persons involved and trace the end-use of the loan funds.
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