CBI Raids Multiple Locations in Kolkata Over Bank Fraud Cases

Kolkata, June 18: The Central Bureau of Investigation (CBI) conducted raids at eight locations in Kolkata, West Bengal, on Wednesday as part of an investigation into bank fraud cases. These searches are linked to three separate cases involving Tantia Construction Limited, Brahma Alloys Limited, and Amrit Feeds Limited.

In the case of Tantia Construction Limited, the homes of the company’s directors were searched. During the operation, incriminating documents were seized, and the investigation is ongoing. This case is associated with a fraud of ₹73 crores involving Punjab National Bank (PNB), related to cash credit and term loan facilities obtained from the bank.

The accused allegedly misused the funds received from the bank, diverting them to other areas, such as meeting long-term capital needs of their subsidiaries and conducting large transactions through non-standard accounts.

Similarly, in the Brahma Alloys Limited case, the CBI also searched the residences of the company’s directors. Incriminating documents were confiscated during these searches. This case involves a fraud of ₹58 crores with PNB, linked to cash credit facilities.

The accused reportedly redirected the funds to other ventures, including investing in equity of their group companies, maintaining current accounts in other banks, and manipulating account books.

In the case of Amrit Feeds Limited, the CBI conducted searches at the homes of the directors as well. Incriminating documents were seized here too. This case is connected to a fraud of ₹60 crores with PNB, involving cash credit and term loan facilities.

The accused misappropriated the funds received from the bank for business operations and diverted them elsewhere. They fraudulently used public money for personal gain and allocated company funds to benefit their associate and sister companies.

The company sold its tangible assets without the approval of lenders. The total loss incurred by PNB across these three cases amounts to ₹191 crores. The CBI continues its investigation into these matters.