Chennai, 28 May (H.S.) : The Economic Offences Wing (EOW) of the Chennai Police has registered a case against eight individuals, including a builder and two State Bank of India (SBI) officials, for allegedly cheating the bank of Rs 7.3 crore in a housing loan fraud.

According to the complaint, the builder had approached SBI for housing loans for several homebuyers. The bank officials allegedly colluded with the builder to sanction loans without proper verification of documents. The accused then allegedly fabricated documents to obtain loans from the bank, which were later disbursed to the builder.

The EOW has booked the builder, two SBI officials, and five others in connection with the scam. An investigation is underway to determine the extent of the fraud and the role of each accused. The police are also probing whether similar frauds were committed at other branches of the bank.

The case highlights the need for stricter internal controls and oversight in banking institutions to prevent such large-scale financial scams. The SBI has assured full cooperation with the investigation and promised to take action against any bank officials found guilty.

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Hindusthan Samachar / Dr. R. B. Chaudhary