Bank Fraud – CBI Conducts Raids in Kolkata Over Multi-Crore PNB Cases
Bank Fraud – The Central Bureau of Investigation (CBI) carried out extensive search operations across Kolkata on Wednesday as part of its probe into three separate bank fraud cases involving private companies accused of causing significant financial losses to Punjab National Bank (PNB). Officials conducted searches at eight locations linked to the management of Tantia Construction Ltd., Brahm Alloys Ltd., and Amrit Feeds Ltd. The agency stated that several important documents were recovered during the operation, and further investigation is underway.
Searches Linked to Tantia Construction Investigation
According to investigators, search teams visited the residences of directors associated with Tantia Construction Ltd. The action was taken in connection with a case involving alleged financial irregularities related to banking facilities obtained from PNB.
The company is accused of causing a loss of nearly Rs.73 crore to the public sector lender through cash credit and term loan accounts. Investigators suspect that funds sanctioned by the bank were diverted through various channels instead of being used for their intended business purposes. The alleged methods included routing money through irregular accounts and transferring funds to subsidiaries and related entities for long-term capital requirements.
Officials said documents collected during the searches are being examined as part of the ongoing inquiry.
Brahm Alloys Directors Under Scanner
In another case, CBI teams conducted searches at premises linked to directors of Brahm Alloys Ltd. The investigation concerns allegations that the company caused a loss of approximately Rs.58 crore to Punjab National Bank through a cash credit facility.
The agency alleges that funds were diverted through investments made in group companies and by maintaining accounts with other financial institutions. Investigators are also examining suspected manipulation of financial records and accounting practices.
Authorities confirmed that documents considered relevant to the investigation were seized during the operation. The evidence is expected to play a key role in determining the flow and utilization of funds obtained from the bank.
Amrit Feeds Case Involves Alleged Fund Misuse
The third case under investigation relates to Amrit Feeds Ltd., where searches were conducted at locations associated with the company’s directors. The probe focuses on allegations that the company caused a wrongful loss of around Rs.60 crore to Punjab National Bank through cash credit and term loan facilities.
Investigators claim that funds provided by the bank for business operations were allegedly misappropriated and diverted for purposes unrelated to the sanctioned objectives. The agency is examining whether money was transferred to sister concerns and associated entities for their benefit.
The investigation has also raised questions regarding the sale of company assets. According to officials, certain tangible assets were reportedly disposed of without obtaining the consent of lending institutions, an aspect that remains under scrutiny.
Combined Loss Estimated at Rs.191 Crore
The three cases together involve an estimated loss of Rs.191 crore to Punjab National Bank, making them significant matters in the agency’s ongoing efforts to investigate large-scale financial frauds.
CBI officials stated that the searches have yielded material evidence that could help establish the alleged movement and utilization of bank funds. The agency has not announced any arrests in connection with the cases so far, but investigators continue to analyze the seized records and examine the role of individuals associated with the companies.
The probe remains active as authorities seek to determine the full extent of the alleged financial misconduct and identify those responsible for the losses suffered by the bank.