New Delhi: Kolkata Police’s Detective Department has arrested three directors of a private company in connection with an alleged ₹3.90 crore bank loan fraud involving Punjab National Bank (PNB). During raids at the accused persons’ premises, investigators seized approximately ₹1.55 crore in cash. Police allege that the accused obtained a cash credit facility by submitting forged property documents and later diverted the loan proceeds through associated companies for unauthorized financial gain.
The arrested accused have been identified as Manas Roy, Tapas Roy, and Tanmoy Roy, all residents of Nandalal Chatterjee Lane, Howrah. They were apprehended during late-night raids conducted by the Special Investigation Team (SIT) of the Detective Department.
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According to the preliminary investigation, the accused allegedly conspired with other directors and guarantors of M/s Iinings Ventures Pvt. Ltd. to fraudulently obtain a ₹3.90 crore cash credit loan from Punjab National Bank. Investigators claim the conspiracy also involved several associated entities, including M/s Adams Appliances Pvt. Ltd., M/s Noxx & Chef’s Deck Pvt. Ltd., M/s Adamas Appliances and Electronics Pvt. Ltd., and M/s Adamas Furniture Pvt. Ltd.
Police allege that the accused secured the loan by submitting a forged building sanction plan, purportedly issued by the Howrah Municipal Corporation during the 2017-18 financial year, as a genuine document. The allegedly fabricated property records were used to facilitate the approval of the bank loan.
Investigators further allege that after obtaining the loan, the accused neither repaid the outstanding dues nor deposited the required EMIs. Instead, they allegedly siphoned off the loan amount through sister concerns and associated companies for wrongful financial gain. Authorities are now tracing the complete financial trail of the allegedly diverted funds.
Based on disclosures made during interrogation, police conducted searches at the accused persons’ residence and recovered approximately ₹1.55 crore in cash, which has been seized as part of the investigation. The operation was carried out with assistance from the Anti-Bank Fraud Wing. Investigators are examining the source of the seized cash and its possible connection to the alleged loan fraud.
A case has been registered under relevant provisions of the Bharatiya Nyaya Sanhita (BNS), including Sections 61(2), 318(4), 316(2), 338, 336(3), and 340(2). The accused will be produced before the competent court, where police will seek custodial interrogation to further investigate the case.
Investigators are scrutinizing loan applications, banking records, property documents, financial transactions, company accounts, and digital evidence to establish the full extent of the alleged conspiracy. The investigation is also examining whether other directors, guarantors, financial intermediaries, or bank officials played any role in facilitating the alleged fraud.
According to renowned cybercrime expert and former IPS officer Prof. Triveni Singh, bank loan frauds commonly involve forged documentation, fictitious assets, inflated financial disclosures, and diversion of sanctioned funds. He said banks should strengthen digital document verification, independent property validation, advanced risk analytics, continuous transaction monitoring, and digital forensic capabilities to detect financial irregularities at an early stage and prevent large-scale banking fraud.
Police said the investigation is ongoing. Further legal action will be taken based on the examination of the seized documents, digital evidence, and financial records. Authorities are also working to determine the full extent of the alleged fraud network and identify all individuals and entities involved.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
