West Bengal PNB frauds: CBI raids 8 Kolkata locations in ₹191 crore bank fraud probe

The Central Bureau of Investigation (CBI) on Wednesday said it had conducted searches at eight locations in Kolkata in connection with three separate bank fraud cases involving alleged losses of ₹191 crore to Punjab National Bank (PNB).

The searches, carried out on June 17, were linked to cases registered against Tantia Construction Ltd., Brahm Alloys Ltd. and Amrit Feeds Ltd. According to the agency, raids were conducted at the residential premises of the directors of the three companies, leading to the seizure of incriminating documents. Investigations are continuing.

In the case of Tantia Construction Ltd., the CBI said the company allegedly defrauded PNB of ₹73 crore through cash credit and term loan facilities availed from the bank. The agency alleged that the accused diverted funds through various means, including financing long-term capital requirements of subsidiaries and associate concerns and routing substantial amounts through non-standard accounts.

In a separate case involving Brahm Alloys Ltd., the CBI alleged a fraud of ₹58 crore related to cash credit facilities obtained from PNB. According to the agency, the accused diverted funds by investing in the equity of group concerns, maintaining current accounts with other banks, and manipulating the books of accounts.

The third case pertains to Amrit Feeds Ltd., which allegedly caused a loss of ₹60 crore to PNB through cash credit and term loan facilities. The CBI alleged that the company fraudulently misappropriated and siphoned off bank funds meant for business operations, diverted money to associate and sister concerns, and sold tangible assets without the consent of lenders.

The agency said the searches in all three cases resulted in the seizure of incriminating documents that would form part of the ongoing investigation.

According to the CBI, the combined wrongful loss caused to Punjab National Bank in the three cases stands at ₹191 crore.