SBI fraud case – CBI raids 3 locations in Delhi over ₹1,800 cr scam

The CBI on Friday carried out searches at three locations in Lajpat Nagar Delhi after booking Jay Polychem Ltd in a  ₹1,800 cr alleged bank fraud in the State Bank of India (SBI), officials said.

The agency has received a complaint from the State Bank of India (SBI) against the Lajpat Nagar based company and it’s promoters and directors for causing a loss of ₹1,800.72 cr to a consortium led bybank, they said.

RBI Rejects Muthoot Finance’s Plan To Acquire IDBI Mutual Fund

The Reserve Bank of India has turned down the proposal of Muthoot Finance Ltd. to acquire IDBI Bank’s mutual fund business, said sponsoring a mutual fund isn’t in consonance with the activity of an operating NBFC. According to a regulatory filing by IDBI Bank Ltd. on November 24, a share purchase agreement with regard to sale of IDBI Mutual Fund to Muthoot Finance was signed on November 22, 2019.