Big action by CBI in West Bengal, raids at 8 places in PNB’s ₹191 crore bank fraud case

CBI took major action yesterday in 3 bank fraud cases in West Bengal. On Wednesday, the agency conducted a search operation at 8 locations in Kolkata. This action was taken on the basis of FIRs registered in three separate bank fraud cases, which include M/s Tantia Construction Limited, M/s Brahma Alloys Limited and M/s Amrit Feeds Limited.

In the Tantia Construction Limited case, CBI searched the residential premises of the directors of the company. During this period many objectionable documents have been recovered. Investigation of the matter is ongoing. This case is related to the loss of about Rs 73 crore to Punjab National Bank. It is alleged that the company misused the cash credit and term loan facilities taken from the bank.

What are the allegations against Brahma Alloys Limited?

According to the investigating agency, the company invested the money received from the bank in its subsidiaries and associate companies for long-term capital needs and transferred huge amounts through other accounts. In the Brahma Alloys Limited case, CBI raided the residential premises of the directors of the company and seized important documents. Investigation is ongoing.

This case is related to the loss of about Rs 58 crore to PNB. It is alleged that the company diverted the amount of cash credit facility taken from the bank by investing in other companies of the group, maintaining current accounts in other banks and manipulating the accounts. In the Amrit Feeds Limited case, the agency searched the premises of the directors of the company and seized incriminating documents.

PNB lost Rs 191 crore in all three cases

This case is related to the loss of about Rs 60 crore to PNB. The allegation is that the company misused the money received from the bank to run its business, appropriated it for its own use and diverted the funds for the benefit of its associate and related companies. It is also alleged that the company sold some of its assets without the permission of the lenders. The total amount of alleged loss suffered by Punjab National Bank in these three cases is around Rs 191 crore. CBI is investigating the case further.