1 week ago
CBI Registers Fraud Case Against Navi Mumbai Firm, Directors
The CBI is investigating a company accused of cheating Punjab National Bank.
The company traded goods such as building materials.
It allegedly received an ₹8-crore loan after giving incorrect information and overstating the value of property offered as security.
Investigators say the money was used for purposes different from those approved by the bank.
The company allegedly stopped paying interest and loan instalments.
It also reportedly stopped sending required stock and debt reports in July 2013.
The bank classified the account as a non-performing asset in September 2013.
The bank later reported the account as fraudulent to the RBI in July 2015.
The CBI says the alleged conduct caused the bank a loss of ₹8.28 crore.
The CBI has registered a case over an alleged ₹8.28-crore fraud involving Punjab National Bank.
The accused include a Navi Mumbai-based merchandise-trading firm, two directors, and guarantors.
Investigators allege the firm obtained an ₹8-crore cash credit facility using inflated property valuations and misrepresented information.
The borrowers allegedly diverted the funds, stopped paying interest, and failed to submit required financial and stock reports after July 2013.
PNB classified the account as a non-performing asset in September 2013 and reported it as fraud to the RBI in July 2015.
- Who
- The Central Bureau of Investigation, Punjab National Bank, a Navi Mumbai-based trading firm, its two directors, guarantors, and unnamed public servants and private persons.
- What
- The CBI registered a case alleging that the firm and associated individuals fraudulently obtained and diverted an ₹8-crore credit facility, causing PNB an alleged loss of ₹8.28 crore.
- Where
- The case was registered by the CBI's Economic Offences Branch in Mumbai and concerns a firm with its corporate office in Navi Mumbai and banking operations involving PNB's Asset Recovery Management Branch in Thane.
- When
- The alleged conspiracy and loan-related conduct occurred during 2012-2013; the account became an NPA in September 2013, and PNB reported it as fraud in July 2015. The CBI case was registered on August 21, 2026.
- Why
- The CBI alleges that the accused misrepresented facts, inflated the value of mortgaged property, diverted sanctioned funds, and failed to meet repayment and reporting requirements.
Key facts
- Alleged bank loss
- ₹8.28 crore
- Credit facility
- ₹8 crore cash credit limit
- Investigating agency
- Central Bureau of Investigation, Economic Offences Branch, Mumbai
- Bank
- Punjab National Bank
- Account classified NPA
- September 2013
- Fraud reported to RBI
- July 2015
- Borrower business
- Trading merchandise, including building materials
Sources
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