The Central Bureau of Investigation (CBI) conducted searches at eight locations in Kolkata, uncovering crucial documents linked to three companies involved in a combined loan fraud amounting to Rs 191 crore with Punjab National Bank. The searches, carried out in connection with cases against Tantia Construction, Brahm Alloys, and Amrit Feeds, led to the discovery of incriminating evidence, as per an official statement.
In the Tantia Construction case, the CBI searched the residential properties of the company’s directors, resulting in the confiscation of significant documents. The investigation is ongoing in this case, which revolves around defrauding PNB of Rs 73 crore through Cash Credit and Term Loan facilities obtained from the bank.
Regarding the Brahm Alloys case, the fraud involved Rs 58 crore in connection with the Cash Credit facility from PNB. The accused directors allegedly diverted funds by investing in the equity of a group concern, maintaining current accounts with other banks, and manipulating financial records, according to the CBI.
In the Amrit Feeds case, searches were conducted at the residential premises of the company’s directors, leading to the seizure of incriminating documents. This case, involving a fraud of Rs 60 crore related to Cash Credit and Term Loan facilities from PNB, saw the accused misappropriating and siphoning the bank’s entrusted funds for their business operations. The CBI highlighted that the accused converted public funds for personal use and diverted company funds for the benefit of associated entities, including selling tangible assets without lender approval.
