Bengaluru-based Hypermart Steel booked for cheating banks


New Delhi, Jan 13 | The Central Bureau of Investigation (CBI) on Wednesday said that it has registered a case against Bengaluru-based Steel Hypermart India Pvt, its directors and several others for defrauding a consortium of banks led by Indian Bank to the tune of Rs 200.38 crore.

The agency also carried out searches at several locations in Karnataka, and Tamil Nadu.

A CBI official said that the agency registered a case against Steel Hypermart India Pvt and others, including its Directors Mahendra Kumar Singhi, Suman Mahendra Kumar Singhi, Chartered Accountant Mukesh Surana, and unknown public servants on a complaint from Indian Bank.

The CBI said in the complaint, it was alleged that Steel Hypermart, during the period 2017-2019, in connivance with others, had availed credit facilities under consortium lending, from Indian Bank and then Vijaya Bank (now merged with Bank of Baroda) and defrauded it, thereby causing a loss of Rs 200.38 crore (Rs 168.39 crores to Indian Bank and Rs 31.99 crore to Bank of Baroda).

The complaint said that the account became an NPA on April 30, 2019 and was reported as fraud on November 7, 2019.

The bank, in its complaint, also alleged that the company in order to avail higher working capital limits from the banks, had inflated its turnover, made purchase transactions with the related or sister concerns, carried out inflation of receivables, diversion of funds within the related or sister concerns, submitted false or fudged accounts or statements, etc. and siphoned off the banks funds, thereby causing loss to the said banks.

“Searches were conducted at the residential and official premises of the accused at Bengaluru and Shoolagiri in Tamil Nadu which led to recovery of several incriminating documents and other material evidences,” the official added.

Source: IANS

Sponsors Posts

1BHK Flats in Jabalpur for sale at budget price ?

1BHK Flats in Jabalpur for sale at budget price ?

Approximate 200+ 1BHK apartments or flats in Jabalpur available for sale at budget price

As per available data with approximate 200+ 1BHK Residential Flats for Sale in Jabalpur at a very low price. This is the right time for small property buyer to grab new property in Jabalpur with multiple benefits.

At this time Builder and Developer in Jabalpur also target to the maximum sale before the end of year. Also banks are giving low rate loan for housing. The 1BHK Flats for sale at multiple prime residential location in Jabalpur are available.

1BHK apartment’s starting price in Jabalpur is 12.0 Lac*

Some of the Real Estate Developer in Jabalpur are offering 1BHK Flat at Just 12.0 Lac (Starting Price) with multiple benefits like lift, parking, 24×7 water, CCTV and many more.

You can find more details about these from a Jabalpur Real Estate Website.

Most preferred residential location in Jabalpur

The most preferred residential locations in Jabalpur are Civil Lines, Vijay Nagar, Kachnar City, Napier Town, Wright Town, Lekha Nagar, Sadar, Sneh Nagar, Hathital and many more. is the best property portal for Jabalpur Real Estate market

The Bhaskar Property ( have property’s photos, video, walkthrough, location map and property browser with information. Also they provide the direct contact details of property owner and agent to whom a property buyer can directly contact.

Don’t forget to visit now.


Please enter your comment!
Please enter your name here