The Central Bureau of Investigation (CBI) has registered a case on a complaint from Punjab National Bank, Bhubaneswar against a private company based at New Industrial Estate, Jagatpur, Cuttack (Odisha), its Managing Director and others bank loan fraud worth Rs 73 crore.
Besides the Cuttack-based private firm SR Alcobev Pvt. Ltd., others named in the case are its Managing Director Ranjan Kumar Padhi, Director Saina Kar, corporate guarantors Naina Devi Suppliers Pvt. Ltd. (based at Kolkata, West Bengal), Chandraghanta Iron & Steel Traders Pvt. Ltd. (Shyam Bazar Street, Kolkata, West Bengal) (Corporate Guarantor), supplier Brewforce Technologies (East Patel Nagar, New Delhi/Dehradun, Uttarakhand, civil Cuttack-based contractor Sukanta Kumar Lenka and unknown public servant(s) of PNB besides unknown others, the agency said in a statement.
The accused persons and entities allegedly perpetrated a fraud at Punjab National Bank, Main Branch, Buxi Bazar, Cuttack and Allahabad Bank, Bhubaneswar Branch in a matter of credit facilities/Term Loans to the tune of around Rs 73 crore {Rs 40 crore by PNB and Rs 33 crore by Indian Bank (erstwhile Allahabad Bank) } during 2013.After disbursal of the loan proceeds, the borrowers/guarantors allegedly violated the terms and conditions of the sanction and they neither procured the machineries nor deposited the installments in time and the account turned Non-Performing Assets (NPA), it further said.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 on September 30, 2021).Searches were conducted at the premises of the accused situated at Cuttack (Odisha) and Dehradun (Uttarakhand), it added.