Grave allegations of financial misconduct have rocked the country’s largest public sector bank—State Bank of India (SBI). As per credible reports, serious irregularities involving senior officials, including former Chairman Dinesh Khara and the current Deputy Managing Director (DMD HR), Binod Kumar Mishra, have surfaced in a multi-crore scam.
It is alleged that Khara tendered his resignation amid corruption accusations, following the submission of a formal complaint that details a web of unethical transactions involving bank vendors, officers, and their spouses. The complaint, reportedly supported by documentary and email evidence, highlights how corporate office officials based in Mumbai facilitated fraudulent activities under the guise of internal banking operations and CSR initiatives.
CSR Funds Misused: Plantation Drives or Plain Embezzlement?
A major highlight of the complaint revolves around the gross misuse of CSR funds, purportedly allocated for plantation drives and social welfare programs. Instead, these funds were allegedly funneled to select NGOs as part of a larger embezzlement strategy.
One such NGO—reportedly linked to Jai Shri Gayatri Food Products—was controversially granted a massive loan of Rs 110 crore, despite glaring red flags during the due diligence process. The NGO’s GST number (23AAHFJ5195A1ZP) is said to show multiple financial inconsistencies, indicating possible money laundering and misrepresentation.
Promotions for the Accused: A Deepening Crisis
Despite facing grave allegations, Mr. Binod Kumar Mishra was recently promoted from Chief General Manager to Deputy Managing Director (HR). He stands accused of manipulating promotions, postings, and the re-engagement of retired employees at unjustifiably high salaries, pointing to deeper systemic issues within SBI’s human resources department.
This growing controversy threatens the reputation of one of India’s most trusted financial institutions. If the claims are substantiated, it could trigger a full-scale investigation into the internal affairs of SBI, setting a precedent for greater accountability in public sector banks.
News Source: Pradesh Today, published on 10th September, 2024
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