The CBI (Central Bureau of Investigation) has found Hanish Ram Chandani the owner of SRS Entertainment Company involved in the fake cheques scam.
BV Chaubal, SBI chief general manager is heading the inquiry into the scam.
The bank has already suspended eight bank officials in connection with the case and more revelations are likely in the due course of investigation - "We are still investigating the case and more serious revelations are likely to come in the coming days and we are expecting that by Tuesday, first round of preliminary investigations will be over," said Arun Sarin, general manager, SBI.
A member of a spot audit team from Hyderabad said, ‘that such kind of huge financial bungling cannot be done only by one person."
"There's more than what meets the eye, '' he added.
The fake cheques fraud Aug 7, 2009 was exposed in the Kanpur main branch (Mahatma Gandhi Marg) of State Bank of India by a senior State Bank of India official.
The fraud is estimated to a tune of Rs.52 crores.
In 2007, Hanish Ram Chandani, the owner of SRS Entertainment Company opened a current account in name of his firm. Consecutively the firm opened two more accounts in 2008 and then again in 2009.
"Fake cheques were credited into the accounts of the four including Hanish, with the help of the bank officials," confirmed an SBI official. The involved bank officials overdraft the current accounts without doing proper formalities.
As per the Reserve Bank of India guidelines, if the amount involved in fraud crosses Rs 5 crores the case is handed over to the CBI.