India, April 19 -- The Central Bureau of Investigation (CBI) has registered a case against five officials of a private construction company for allegedly cheating the Bank of India and causing a financial loss of Rs.12.08 crore.

According to CBI sources, the accused misappropriated loan funds and diverted them, violating key conditions set out in the sanction terms. The complaint was filed by the Bank of India's deputy general manager from the Asset Recovery Management Branch in Andheri West, prompting the agency to initiate a criminal investigation.

The bank alleged that the firm and its directors defrauded the city branch by failing to deposit sale proceeds from flats and shops in its Navi Mumbai real estate projects, as mandated unde...