What Led to Rs 152 Crore Bank Fraud? CBI Court Jails 4 Real Estate Officials
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Synopsis
A Special CBI court in Haryana has sentenced four real estate executives to prison terms for their involvement in a major bank fraud case involving Rs 152 crore. The case reveals a disturbing pattern of fund diversion and deceitful loan acquisition, shedding light on serious financial misconduct in the sector.
Key Takeaways
- Four real estate officials sentenced for bank fraud.
- Total fraud amount: Rs 152 crore.
- Involved companies: SRS Real Infrastructure Ltd and SRS Real Estate Ltd.
- CBI's role: Investigation initiated based on complaint from Canara Bank.
- Judicial outcome: Rigorous Imprisonment and fines imposed.
Panchkula, Jan 15 (NationPress) A Special CBI court in Haryana has sentenced four executives from two real estate firms to terms ranging from four to five years in prison, alongside fines, in a case involving the misappropriation of funds and fraudulent bank loans amounting to Rs 152 crore, according to an official announcement.
Bishan Bansal and Nanak Chand Tayal, associated with SRS Real Infrastructure Ltd and SRS Real Estate, received Rigorous Imprisonment (RI) for five years and were fined Rs 80,000 each, as noted in a statement from the CBI following the court's ruling on January 13.
Co-defendants Seema Narang and Dheeraj Gupta were handed Rigorous Imprisonment (RI) for four years, with a penalty of Rs 40,000 each.
The court also levied a fine of Rs 50,000 each against the two implicated companies, SRS Real Infrastructure Ltd and SRS Real Estate Ltd. Additional defendants Rajesh Singla and Anil Jindal received Rigorous Imprisonment (RI) for five years along with fines of Rs 1.2 lakh each.
The Central Bureau of Investigation (CBI) initiated this case on July 14, 2020, based on a complaint filed by Canara Bank, Circle office in Karnal, Haryana.
It was alleged that the defendants conspired to defraud the bank by illegally securing a loan of Rs 152 crore and misappropriating the funds for unauthorized purposes.
Investigations revealed that SRS Real Infrastructure Ltd and SRS Real Estate Ltd, through their co-defendant directors, caused a total loss of Rs 41.95 crore and Rs 93.20 crore, respectively, to Canara Bank by acquiring credit limits of Rs 42 crore and Rs 110 crore and redirecting the funds to sham companies lacking legitimate business activities.
Upon concluding the investigation, the CBI submitted two chargesheets on December 31, 2022, against the defendants, including the companies involved.
After the judicial proceedings, the court convicted the accused on December 22, 2025, and handed down sentences on January 13, 2026.
Point of View
This case underscores the pressing need for stricter regulations in the real estate sector and greater accountability among financial institutions. The judiciary's decisive action reflects a commitment to uphold the rule of law and protect the interests of banks and the public.
NationPress
15/01/2026
Frequently Asked Questions
What is the total amount involved in the bank fraud?
The total amount involved in the bank fraud is Rs 152 crore.
How many officials were sentenced?
Four officials were sentenced in this case.
What were the sentences handed down?
The sentences ranged from four to five years of Rigorous Imprisonment, along with fines imposed on the officials and their companies.
Which bank filed the complaint?
The complaint was filed by Canara Bank, Circle office in Karnal, Haryana.
What was the nature of the fraud?
The fraud involved the illegal acquisition of loans and misappropriation of funds meant for other purposes.
