CBI uncovers SBI Loan scam: Ex-manager, 2 middlemen arrested, jewellery recovered

Syllad | The Rising MeghalayaMarch 28, 2025

The Central Bureau of Investigation (CBI) has registered two cases of bank fraud and bribery against Pinku Kumar, former branch manager of State Bank of India (SBI), Ramakrishna Nagar branch, Karimganj (now Sribhumi), and two private individuals, Sumen Paul and Jadab Paul. The cases were filed on March 25, alleging corrupt practices in loan disbursements.

The CBI Anti-Corruption Bureau (ACB), Shillong, registered two separate First Information Reports (FIRs) under case numbers RC No. 0202025A0001 and RC No. 0202025A0002.

Investigators allege that Pinku Kumar, during his tenure as branch manager, conspired with middlemen to fraudulently approve Xpress Credit Loans for ineligible borrowers between 2023 and 2024. In return, bribes were collected by the accused middlemen and other unidentified individuals.

As part of the probe, search operations were carried out at four locations — Gaya (Bihar), Hailakandi (Assam), and two locations in Silchar (Assam).

During these raids, the CBI seized significant quantities of jewellery, including 481 grams of gold, 11.11 grams of diamond, and 1,092.80 grams of silver.

Additionally, several incriminating documents and digital evidence were recovered, including transaction records linked to middlemen, invoices for high-value jewellery purchases, documents related to fraudulent Xpress Credit loans, and electronic devices such as a computer SSD, mobile phone, and tablet.

CBI officials confirmed that investigations are ongoing, with further arrests and recoveries expected. Authorities are now examining the full scale of the scam, the potential involvement of other bank officials, and the financial impact of the fraud.