The Central Bureau of Investigation (CBI) has carried out searches at 8 locations across West Bengal in connection with 3 separate bank fraud cases involving an alleged cumulative loss of ₹191 crore to Punjab National Bank (PNB).
The action follows the registration of cases against Tantia Construction Ltd, Brahm Alloys Ltd and Amrit Feeds Ltd. According to officials, the companies allegedly caused losses of ₹73 crore, ₹58 crore and ₹60 crore respectively to PNB.
The searches were conducted at the residential premises of the directors associated with the companies under investigation.
According to the CBI, Tantia Construction Ltd allegedly diverted funds obtained from the bank through multiple methods, including financing long-term capital requirements of its subsidiaries and associate concerns, as well as routing substantial amounts through non-standard accounts.
“In Tantia Construction Ltd case…The accused resorted to fraudulent means to divert the funds availed from the bank by various means like financing long-term capital requirement to its subsidiaries/associate concerns, routing substantial amount through non-standard accounts,” a CBI spokesperson said in a statement.
The agency further alleged that Brahm Alloys Ltd defrauded PNB through diversion of funds, investments in equity of group companies, maintenance of current accounts with other banks and manipulation of books of accounts.
“In Amrit Feeds Ltd case…the accused resorted to fraudulent misappropriation and siphoning off bank’s funds given to them for running business. They have converted the public money to their own use dishonestly and diverted the funds of the company for the benefit of its associate & sister concern companies. The company sold its tangible assets without the consent of lenders,” the spokesperson said.
The CBI is continuing its investigation into the alleged financial irregularities and diversion of bank funds linked to the 3 companies.
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