CBI : Conducts Multi-Location Searches in Kolkata Over Major Bank Fraud Case
CBI : The Central Bureau of Investigation carried out coordinated search operations across several locations in south Kolkata on Thursday as part of an ongoing probe into a large-scale financial fraud involving a public sector bank. The action began early in the day and remained underway at the time of reporting, according to officials familiar with the development.
Searches Begin in Alipore Area
Investigators from the central agency first arrived at a residential and office address linked to a businessman on New Road in the Alipore locality. However, the premises were reportedly locked, prompting the team to move to another nearby address connected to the same individual. Officials confirmed that search activities were later extended to additional locations in the city as part of the same operation.
Focus on Multi-Crore Bank Fraud Allegations
Sources within the investigation stated that the searches are connected to allegations of a substantial bank fraud running into several hundred crores of rupees. The inquiry centres on suspected irregularities in loan disbursements and financial transactions involving a state-owned bank. Investigators are examining documents, electronic records, and other materials believed to be relevant to the case.
Earlier Probes by Other Agencies
The case has a history of scrutiny by multiple central agencies. Prior to the CBI stepping in, the Enforcement Directorate had conducted its own investigation into the alleged financial misconduct. The matter had already reached the judicial stage before the current phase of investigation began, reflecting the seriousness and complexity of the allegations.
High Court Directed CBI Investigation
According to officials, the CBI’s involvement followed directions from the High Court, which ordered a fresh and comprehensive investigation into the case. The court’s decision came after reviewing earlier findings and considering the scale of the alleged fraud. The order empowered the CBI to examine all aspects of the case, including the role of individuals and corporate entities named in the complaint.
Alleged Timeline and Amounts Involved
The allegations span nearly six years, from 2014 to 2020, during which significant sums were allegedly siphoned off through fraudulent means. Investigators claim that an initial amount of Rs 730 crore was obtained in phases, followed by an additional Rs 260 crore. Taken together, the suspected financial irregularities are estimated at close to Rs 1,000 crore, making it one of the larger bank fraud cases under scrutiny in recent years.
Individuals and Entities Named
The case reportedly names two businessmen and two corporate entities as key accused. In addition, the involvement of an unidentified government employee is also being examined, raising concerns about possible collusion and misuse of official position. Investigators are working to establish the extent of coordination between private individuals and any public officials involved.
Legal Provisions Invoked
The case has been registered under Section 120(B) of the Indian Penal Code, which deals with criminal conspiracy and now corresponds to Section 62 of the Bharatiya Nyay Sanhita. Provisions of the Prevention of Corruption Act have also been applied, indicating that the probe includes allegations of abuse of authority and corrupt practices.
No Arrests Made So Far
Officials clarified that the ongoing searches are part of evidence-gathering efforts and that no arrests or detentions have been made at this stage. The CBI is expected to continue its operations until it completes the examination of all identified locations and materials relevant to the investigation.
Authorities have indicated that further action will depend on the findings from the current searches and the analysis of seized documents. The investigation remains active, with more developments likely in the coming days.