The CBI on Thursday arrested Sanjay Kumar, 32, managing partner of Ghanshyamdas Gems and Jewels, Abids, for cheating the SBI main branch at Koti of about Rs 62 crore, including about Rs 30 lakh interest, by furnishing fake bank guarantees.

He was arrested by a CBI team from the Bank Securities and Frauds Cell of Bengaluru following a complaint by SBI general manager S.M. Farooque Shahab on October 14.

The accused obtained 250 kg of gold as loan from the SBI main branch at Koti by submitting fake bank guarantees of Punjab National Bank (PNB) in favour of the SBI between March 4 and April 21 three times under the ‘Metal Gold Loan Scheme’.

SBI officials sanctioned the loan all the three times as they got a response from the PNB officials confirming the bank guarantees by fax.

The accused obtained 30 kg gold worth Rs 6.26 crore on March 4, 2011, 101 kg gold worth about Rs 26.92 crore on March 19 and 119 kg gold worth about Rs 54.17 crore on April 21 and the gold was delivered to Mr Syed Abdul Kareem, a representative of Ghanshyamdas Gems and Jewels.

The CBI recovered about Rs 9.15 crore of fixed deposits from relatives and partners of Ghanshyamdas Gems and Jewels.