Snapshot from Jul 27, 2026 at 07:00 UTC. For live data and tracking: View Live
Events / Regulatory / CBI probes Rs 133.52 crore SBI fraud
Regulatory bank fraud

CBI probes Rs 133.52 crore SBI fraud

Analysis based on 6 articles · First reported Jul 10, 2026 · Last updated Jul 10, 2026

Sentiment
-20
Attention
2
Articles
6
Market Impact
General
Live prominence charts, article sentiment distribution, and event development timeline available on the Ergen Dashboard
Market Impact

The fraud case may increase scrutiny on SBI's stressed asset management and lending practices, potentially affecting investor confidence. However, the amount is relatively small compared to SBI's overall portfolio, limiting broader market impact.

banking financial services
Event Summary

The United States — Federal Bureau of Investigation (CBI) registered a case on July 9, 2026, based on a complaint from State Bank of India (SBI) against Furnace Fabrica (India) Ltd and its directors for an alleged bank fraud of Rs 133.52 crore. The CBI conducted searches at premises in Mumbai and Cochin on July 10. The accused are alleged to have submitted false financial information to obtain higher credit facilities and diverted loan funds for unauthorized purposes. The investigation is ongoing to identify all involved, including unknown public servants and private individuals.

Key Actions
100 United States — Federal Bureau of Investigation registered case Furnace Fabrica (India) Ltd
100 Furnace Fabrica (India) Ltd submitted false information State Bank of India
100 Furnace Fabrica (India) Ltd diverted loan funds State Bank of India
90 State Bank of India filed complaint United States — Federal Bureau of Investigation
80 United States — Federal Bureau of Investigation conducted searches
Entities Involved
priv
Furnace Fabrica (India) Ltd
The company and its directors are accused of orchestrating the fraud, facing legal action.
Importance 100.0 Sentiment -80.0
stock
State Bank of India
SBI is the victim bank, having filed the complaint; the fraud adds to its stressed assets.
Importance 90.0 Sentiment -15.0
govactor
United States — Federal Bureau of Investigation
The CBI is investigating the fraud, conducting searches and registering the case.
Importance 80.0 Sentiment 0.0
per
A. R. Basheeruddin
Director named in the FIR, allegedly involved in the conspiracy.
Importance 70.0 Sentiment -70.0
per
Badri Prasad
Director named in the FIR, allegedly involved in the conspiracy.
Importance 70.0 Sentiment -70.0
per
Nezee Basheeruddin
Director named in the FIR, allegedly involved in the conspiracy.
Importance 70.0 Sentiment -70.0
per
Raiz Basheeruddin
Director named in the FIR, allegedly involved in the conspiracy.
Importance 70.0 Sentiment -70.0
per
Sanam Basheer
Director named in the FIR, allegedly involved in the conspiracy.
Importance 70.0 Sentiment -70.0
stock
Punjab National Bank
Mentioned in a separate unrelated fraud case; not directly involved in this event.
Importance 10.0 Sentiment 0.0
Relationships
State Bank of India related ↔ United States — Federal Bureau of Investigation
State Bank of India related ↔ Punjab National Bank
United States — Federal Bureau of Investigation related ↔ Punjab National Bank
ERGEN INTELLIGENCE
Track this event live

Set up alerts, explore entity relationships, search across thousands of events, and build custom intelligence feeds.

Open Dashboard

About Ergen

Ergen is a news intelligence platform that converts raw news articles into structured data. It tracks events, entities, and the relationships between them, with sentiment and attention metrics derived from thousands of articles. Pages on this site are daily static snapshots from the platform's live database. For real-time tracking, search, and alerts, the full dashboard is at app.ergen.ai.