The Central Bureau of Investigation (CBI) has booked an Ahmedabad-based jewellery firm, JJ Private Limited, and some other people for an alleged bank fraud of ₹145.69 crore. The firm had taken loans from a group of banks led by the State Bank of India (SBI).
The CBI’s Mumbai unit registered the FIR on March 9. The case was filed based on a complaint by a Deputy General Manager of SBI. The FIR includes charges of criminal conspiracy, cheating, misconduct, and violations under the Prevention of Corruption Act. Apart from SBI, the banks involved include Bank of India (BOI) and Indian Overseas Bank (IOB).
Did You Know?
Banks have written off loans worth ₹9.75 lakh crore in the last 11 financial years.
According to the complaint, JJ Private Limited deals in gold and silver bars, jewellery, and diamonds. The firm allegedly cheated the bank consortium of ₹145.69 crore as of December 31, 2025. This includes ₹73.5 crore of SBI, ₹45.89 crore of BOI, and ₹26.30 crore of IOB, along with interest.
The loan account of the firm was restructured in September 2013, but the company still failed to repay the loans. After this, the account was declared a non-performing asset (NPA). SBI classified it as NPA in July 2013, while BOI and IOB did so in September 2013.
Later, the banks conducted forensic audits. The audits found that some accused persons were involved in illegal activities. These included manipulation of accounts, diversion and misuse of funds, and transactions with related parties.
Based on these findings, the loan accounts of JJ Private Limited were declared as “fraud” between 2022 and 2024. The matter was also reported to the Reserve Bank of India (RBI), officials said.
The CBI is conducting inquiry into the case and more details will be released soon.
