CBI searches 8 Kolkata premises of 3 companies over PNB loan frauds worth Rs 191 crore

Kolkata, June 18 (IANS) The CBI searched eight premises in Kolkata and seized incriminating documents in connection with three separate companies involved in a collective loan fraud worth Rs 191 crore with Punjab National Bank, an official said on Thursday.

The CBI undertook searches on Wednesday in connection with three separate cases registered against Tantia Construction, Brahm Alloys and Amrit Feeds, the official said in a statement.

In the Tantia Construction case, searches were conducted at the residential premises of the Company’s Directors. The searches have resulted in seizure of incriminating documents, and investigation is continuing, the CBI said.

The case pertains to defrauding PNB to the tune of Rs 73 crore in the matter related to Cash Credit and Term Loan facilities availed from the Bank, the statement said.

The accused resorted to fraudulent means to divert funds availed from the bank, including financing long-term capital requirements for its subsidiaries/associate concerns and routing substantial amounts through non-standard accounts, it said.

The Brahm Alloys case pertains to defrauding Punjab National Bank (PNB) to the tune of Rs. 58 crore in connection with the Cash Credit facility availed from the Bank.

The accused Directors of the Company resorted to the diversion of funds by way of investment in the equity of its group concern, maintaining current accounts with other banks, and manipulating the books of account, the CBI said.

In the Amrit Feeds case, searches were conducted at the residential premises of the Company’s Directors, and CBI officials seized incriminating documents.

The case pertains to defrauding PNB to the tune of Rs 60 crore in the matter related to Cash Credit and Term Loan facilities availed from the Bank, the statement said.

The accused resorted to fraudulent misappropriation and siphoning of the Bank’s funds entrusted to them for running their business, it said.

They dishonestly converted public funds to their own use and diverted the company’s funds for the benefit of their associate and sister company concerns. The company sold its tangible assets without the lenders’ consent, the CBI said.

–IANS

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