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A. D. JAGADISH CHANDIRA
State Bank of India, Represented by its Regional Manager, K. Nagendran – Appellant
Versus
Central Bureau of Investigation, Anti-Corruption Branch, Chennai – Respondent
Headnote: Read headnote
ORDER :
A.D. Jagadish Chandira, J.
(Prayer: Writ Petition filed under Article 226 of Constitution of India, pleased to issue a Writ of Mandamus or any other writ, order or direction in the nature of writ mandamus, directing the respondent to register a First Information Report in terms of the circular dated 01.07.2016 issued by the Reserve Bank of India vide RBI/DBS/2016–17/28DBS.CO.CFMC.BC.No.1/23.04.001/2016-17 and on the basis of the complaint dated 01.12.2023 lodged by the petitioner with the respondent vide RM-III-CR-P&C-168.)
The Writ Petition has been filed seeking to direct the respondent to register a First Information Report in terms of the circular dated 01.07.2016 issued by the Reserve Bank of India vide RBI/DBS/2016–17/28DBS.CO. CFMC.BC.No.1/23.04.001/2016-17 and on the basis of the complaint dated 01.12.2023 lodged by the petitioner with the respondent vide RM-III-CR-P&C- 168.
2. The submissions of learned counsel Mr.Nithyaeash Natraj appearing for the petitioner is as follows:-
2.1. The petitioner Bank is Public Sector Bank and being the
The Reserve Bank of India's guidelines mandate that fraud cases involving amounts above Rs.3 Crores must be reported to the CBI, establishing a clear protocol for handling such cases.
Fraud and cheating in loan processing does not require prior notice to the accused before FIR registration; immediate action is essential to uphold justice and public interest.
Regulations issued under Section 35A of the Banking Regulation Act mandate that financial frauds involving more than three crores rupees be investigated by either branch of CBI depending on staff inv....
Court directed the CBI to register an FIR based on the bank's complaint due to fraudulent loan approvals and collusion among officials, underscoring the urgency of preventing offenders from evading j....
Criminal conspiracy in terms of Section 120-B of the Code is an independent offence. It is punishable separately.
The judgment establishes that banks are liable for negligence in loan sanctioning, failing to comply with RBI guidelines, and engaging in connivance with borrowers, thereby enabling fraud.
Failure to adhere to RBI guidelines in loan disbursement constitutes fraud, leading to contempt for willful defaults and necessitating CBI investigation.
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