The Central Bureau of Investigation (CBI) has carried out extensive searches at eight locations across Kolkata in connection with three distinct bank fraud cases. These cases collectively allege a wrongful loss of ₹191 crore to Punjab National Bank (PNB).
The raids, conducted on June 17, targeted the residential premises of directors associated with the three companies under investigation: Tantia Construction Ltd., Brahm Alloys Ltd., and Amrit Feeds Ltd. Authorities confirmed the seizure of various incriminating documents during these operations, with investigations ongoing.
Allegations Against Tantia Construction Ltd.
In the case involving Tantia Construction Ltd., the CBI alleges a fraud amounting to ₹73 crore. The company reportedly obtained cash credit and term loan facilities from PNB. Investigators claim that funds were diverted through multiple channels, including financing long-term capital requirements for its subsidiaries and associate concerns, and routing significant amounts through non-standard accounts.
Brahm Alloys Ltd. Under Scrutiny
Separately, Brahm Alloys Ltd. faces accusations of defrauding PNB of ₹58 crore. This alleged fraud is linked to cash credit facilities secured from the bank. The CBI's probe suggests that the company diverted funds by making equity investments in group concerns, maintaining current accounts with other banks, and manipulating its books of accounts to conceal these transactions.
Amrit Feeds Ltd. Accused of Diversion
The third case focuses on Amrit Feeds Ltd., which is accused of causing a loss of ₹60 crore to PNB. This loss reportedly stems from cash credit and term loan facilities. The agency alleges that Amrit Feeds fraudulently misappropriated and siphoned off bank funds intended for legitimate business operations. Furthermore, the company is accused of diverting money to associate and sister concerns and selling tangible assets without obtaining the necessary consent from its lenders.
The seized documents are expected to play a crucial role as the CBI continues its in-depth investigation into these alleged financial irregularities.