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CBI Raids 10 Locations (AI Generated Image)
New Delhi: The Central Bureau of Investigation (CBI) on Friday carried out coordinated searches at 10 locations across Andhra Pradesh and Telangana in connection with an alleged ₹105.44 crore bank fraud involving M/s NCS Sugars Ltd. and its directors.
According to the CBI, the case was registered by its Banking Securities and Fraud Branch (BSFB), Bengaluru, based on a complaint filed by Punjab National Bank (PNB), Chennai.
The agency has booked M/s NCS Sugars Ltd., its directors, and unknown public servants under charges of criminal conspiracy, cheating, criminal breach of trust, misappropriation of property, and forgery.
The CBI alleged that the accused submitted forged documents to the lending bank, presenting them as genuine to obtain credit facilities. After securing the loans, they allegedly diverted and misappropriated the funds instead of using them for legitimate business purposes.
The agency said the borrowers failed to repay the outstanding dues, leading to the loan accounts turning irregular and eventually defaulting, causing a wrongful loss of ₹105.44 crore to Punjab National Bank.
Search operations were conducted at 10 premises in Hyderabad, Vizianagaram, and Kakinada, including the company's factory, registered office, and residential properties linked to its directors.
During the raids, the CBI recovered and seized incriminating documents, digital devices, and other records considered relevant to the investigation.
The seized material is being examined to determine the full extent of the alleged criminal conspiracy, trace the diversion and movement of funds, and identify the specific roles of all individuals involved.
The CBI said further investigation is underway.
