CBI raids Mumbai company in Rs 30.63 crore bank fraud case
New Delhi/Mumbai, July 8 (IANS) The Central Bureau of Investigation (CBI) conducted searches on Tuesday at multiple premises linked to a Mumbai-based company and its directors in connection with an alleged bank fraud amounting to Rs 30.63 crore.
The raids were carried out based on a case registered just a day earlier on the complaint of Punjab National Bank.
The CBI had registered the case on July 7, 2026, against a Mumbai-based communication company and its directors, along with unknown public servants and private persons.
According to the complaint, the accused allegedly caused a wrongful loss of approximately Rs 30.63 crore to the bank through a well-planned criminal conspiracy, the investigation agency said.
It is alleged that the company and its directors obtained higher cash credit facilities from Punjab National Bank and other consortium member banks by submitting inflated debtor figures and other false financial information.
The accused are also suspected of securing a term loan from the bank and subsequently diverting or siphoning off the funds for purposes other than those for which the loan was sanctioned, thereby causing substantial financial loss to the lending institutions.
During the searches conducted on July 8, CBI teams recovered and seized several incriminating documents, including bank records and property-related papers. Preliminary examination of the seized material has revealed the existence of certain debtor entities whose credentials are now being verified.
Importantly, documents on the alleged inflation of debtor figures to avail enhanced credit facilities have also been seized and are expected to provide crucial evidence in the case.
The investigation is progressing rapidly to determine the full extent of the alleged conspiracy, establish the roles of all individuals involved, including public servants, and trace the end use of the diverted loan funds.
Further action will be taken based on the findings.
–IANS
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