Rs 73 cr fraud at PNB, Indian Bank: CBI lodges case against seven

New Delhi: The Central Bureau of Investigation has registered a case against seven accused, including private firms, for perpetrating a fraud at Punjab National Bank (PNB) and Allahabad Bank in credit facilities and term loans to the tune of nearly Rs 73 crore during 2013.

The CBI identified the accused as M/s S.R. Alcobev Pvt. Ltd, private company based at New Industrial Estate, Jagarpur, District Cuttack(Odisha) & its Managing Director, Ranjan Kumar Padhi, Director, Mrs Saina Kar, Three Private Companies,  M/s. Naina Devi Suppliers Pvt. Ltd., Sainagoue Street, Kolkata, West Bengal, M/s. Chandraghanta Iron & Steel Traders Pvt. Ltd., Shyam Bazar Street, Kolkata, West Bengal(Corporate Guarantor), M/s. Brewforce Technologies, East Patel Nagar, New Delhi/Dehradun, Uttarakhand (Supplier), Sukanta Kumar Lenka, Civil Contractor(Private Person).

According to CBI, several unknown officials of Punjab National Bank are involved in the fraud among others.

"The accused committed a fraud at Punjab National Bank, main branch, Buxi Bazar, Cuttack and Allahabad Bank, Bhubaneswar branch, in a matter of credit facilities or term loans to the tune of around Rs 73 crore (Rs 40 crore by PNB and Rs 33 crore by Indian Bank, formerly Allahabad Bank) during 2013," the probe agency said in a statement.

After disbursal of the loan proceeds, the borrowers/guarantors allegedly violated the terms & conditions of the sanction and they neither procured the machineries nor deposited the installments in time and the account turned Non-Performing Assets(NPA), CBI stated.

It was further alleged that the accused including promoters/Directors/Guarantors/suppliers had misappropriated and diverted the loan proceeds with an ulterior motive to defraud the banks to the tune of around Rs.140.48 crore(principal amount plus interest as of September 30, 2021).

Searches were conducted at the premises of the accused situated at Cuttack(Odisha) and Dehradun(Uttarakhand).