CBI raids Mumbai firm in ₹62.42 crore Indian Bank fraud case
Synopsis
The CBI has raided a Mumbai firm over an alleged ₹62.42 crore fraud on Indian Bank, seizing documents pointing to inflated debtor figures and misused credit lines. In a parallel action, a former SBI branch manager in Gandhinagar has been booked for a ₹1.18 crore fraud spanning three years — two cases that together signal an intensifying federal crackdown on branch-level banking fraud.
Key Takeaways
The CBI raided multiple premises linked to a Mumbai -based firm on 20 June 2025 over an alleged ₹62.42 crore fraud on Indian Bank .
The case was registered on 18 June 2025 based on a complaint from Indian Bank's Stressed Asset Management Branch, Mumbai .
Seized documents allegedly show inflation of debtor figures to avail enhanced credit facilities; debtor credentials are under verification.
Further searches are expected as investigators trace the end-use of loan funds and identify the role of public servants.
In a separate case, former SBI Kadjodara branch manager Amleshbhai Gumanbhai Gamit was booked for a ₹1.18 crore fraud between 2022 and 2025 , involving misuse of agricultural loans and KCC accounts.
The Central Bureau of Investigation (CBI) on 20 June 2025 conducted searches at multiple premises linked to the partners of a Mumbai-based firm in connection with a loan fraud that allegedly caused a loss of ₹62.42 crore to Indian Bank. The raids, carried out pursuant to search warrants issued by the Special CBI Court in Mumbai, targeted locations in Mumbai and other cities.
What the Searches Uncovered
During the searches, investigators recovered and seized documents described as incriminating and relevant to the ongoing investigation. A preliminary scrutiny of the seized material reportedly indicates the existence of debtor entities whose credentials are currently under verification.
Documents relating to the alleged inflation of debtor figures — purportedly used to avail enhanced credit facilities — were also seized, according to a CBI statement. The agency has not yet named the firm or its partners publicly.
How the Case Was Registered
The CBI registered the case on 18 June 2025 based on a complaint filed by Indian Bank's Stressed Asset Management Branch, Mumbai. The complaint named the city-based firm, its partners, unknown public servants, and unknown private individuals as accused parties.
The probe agency said further searches are likely as investigators work to establish the full extent of the alleged conspiracy. Authorities are also attempting to trace the end-use of the loan funds and identify the precise role of all individuals involved, including public servants.
Separate Case: Former SBI Manager Booked in Gandhinagar
In a separate matter, the CBI booked Amleshbhai Gumanbhai Gamit, a former branch manager at State Bank of India's (SBI) Kadjodara branch in Gandhinagar, on charges of criminal conspiracy, cheating, criminal breach of trust, and criminal misconduct, among others.
Gamit is accused of involvement in fraudulent loan transactions that allegedly caused a financial loss of ₹1.18 crore to the bank between 2022 and 2025. The FIR in this case was registered on 17 June 2025.
According to the CBI, an examination of bank records revealed serious lapses in the manner in which several agricultural loans, Kisan Credit Card (KCC) accounts, Maha Dairy Loans, and other credit facilities were sanctioned, operated, and disbursed at the branch.
It is alleged that Gamit dishonestly and fraudulently utilised loan proceeds sanctioned in the names of various borrowers without their knowledge, consent, or authorisation, the agency said.
Pattern of Bank Fraud Investigations
The twin actions are part of a broader CBI push to address stressed assets and fraudulent credit facilities in the banking sector. Notably, cases involving inflated debtor figures and misuse of agricultural credit lines have featured prominently in recent CBI filings — a pattern that investigators say points to systemic vulnerabilities in branch-level credit disbursement.
As the Mumbai investigation widens, the agency's focus on tracing loan fund end-use signals that more individuals — including possible public servant collaborators — could face action in the weeks ahead.
Point of View
One in Gandhinagar — underscore a recurring vulnerability: branch-level credit disbursement with inadequate oversight. The Mumbai case's focus on inflated debtor figures is a classic red flag that internal audit systems at Indian Bank reportedly missed for long enough to allow a ₹62.42 crore exposure to build. The Gandhinagar case is arguably more troubling — a branch manager allegedly siphoning agricultural credit from farmers who had no knowledge their names were being used. Both cases point less to sophisticated financial crime and more to institutional failure at the ground level, raising questions about whether bank-level vigilance mechanisms are functioning as designed.
NationPress
21 Jun 2026
Frequently Asked Questions
What is the CBI Mumbai bank fraud case about?
The CBI is investigating a Mumbai-based firm whose partners allegedly defrauded Indian Bank of ₹62.42 crore through inflated debtor figures and misuse of credit facilities. Searches were conducted on 20 June 2025 after the case was registered on 18 June 2025 .
Who filed the complaint against the Mumbai firm?
The complaint was filed by Indian Bank's Stressed Asset Management Branch in Mumbai. It named the firm, its partners, unknown public servants, and unknown private individuals as accused parties.
What did the CBI seize during the Mumbai raids?
Investigators seized documents described as incriminating, including records allegedly showing inflation of debtor figures used to obtain enhanced credit facilities. Preliminary scrutiny has flagged debtor entities whose credentials are still being verified.
Who is Amleshbhai Gumanbhai Gamit and what is he accused of?
Amleshbhai Gumanbhai Gamit is a former branch manager at SBI's Kadjodara branch in Gandhinagar. He is accused of fraudulently utilising loan proceeds — including agricultural loans, KCC accounts, and Maha Dairy Loans — in the names of borrowers without their knowledge, causing a loss of ₹1.18 crore between 2022 and 2025.
Are more arrests or raids expected in the Mumbai fraud case?
The CBI has indicated that further searches are likely as the investigation continues. Authorities are working to trace the end-use of loan funds and determine the role of all individuals involved, including public servants.
