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Kolkata: The Central Bureau of Investigation (CBI) has conducted searches at eight locations across Kolkata, West Bengal, in connection with three separate bank fraud cases involving private companies accused of causing a cumulative loss of ₹191 crore to Punjab National Bank (PNB).
The searches were carried out on June 17 at the residential premises of directors linked to M/s Tantia Construction Ltd., M/s Brahm Alloys Ltd., and M/s Amrit Feeds Ltd. According to the agency, incriminating documents were recovered during the operation and further investigation is underway.
In the case involving M/s Tantia Construction Ltd., the CBI alleged that the company defrauded Punjab National Bank of approximately ₹73 crore through misuse of cash credit and term loan facilities.
Investigators said the accused diverted bank funds by financing long-term capital requirements of subsidiaries and associate concerns and routing substantial amounts through non-standard accounts.
The second case pertains to M/s Brahm Alloys Ltd., which allegedly caused a loss of ₹58 crore to PNB through diversion of funds obtained under cash credit facilities.
According to the CBI, the company diverted funds by investing in equity of group companies, maintaining accounts with other banks and manipulating financial records.
In the third case, M/s Amrit Feeds Ltd. has been accused of defrauding the bank of ₹60 crore through alleged misappropriation and siphoning of funds obtained under cash credit and term loan facilities.
The agency alleged that company officials diverted funds for the benefit of associate and sister-concern companies and sold tangible assets without obtaining consent from lenders.
The CBI said searches at the residences of company directors led to the seizure of several documents considered relevant to the investigation. Officials are now examining the records to trace the alleged fund diversion and identify the role of individuals involved.
The combined wrongful loss caused to Punjab National Bank in the three cases is estimated at ₹191 crore, making it one of the significant banking fraud investigations currently being pursued by the agency.
