Mumbai: The Central Bureau of Investigation (CBI) has registered a case against Mumbai-based Hanjer Biotech Energies Pvt Ltd, its directors and others in connection with an alleged bank fraud involving an estimated loss of ₹93.44 crore to Punjab National Bank (PNB).
The agency conducted searches at premises linked to the company’s directors and seized banking and property-related documents. The company is alleged to have diverted part of a ₹135-crore term loan sanctioned by the bank for purposes other than those for which the funds were approved, allegedly causing a loss of around ₹93.44 crore to PNB.
The CBI registered the case on September 30 on the basis of a complaint filed by PNB’s SAM branch. The FIR names Hanjer Biotech Energies Pvt Ltd, its directors and guarantors, along with unidentified public servants and private individuals. The agency has invoked provisions relating to alleged criminal conspiracy and cheating, besides relevant sections of the Prevention of Corruption Act.
According to the complaint, the bank alleged that the accused conspired to obtain a ₹135-crore term loan against invoices of a related-party company. The bank has alleged that after the loan was sanctioned, the funds were not used entirely for the purpose for which the financial assistance had been approved. Instead, the money was allegedly diverted and a portion of it was used for other purposes.
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According to the investigating agency, the bank’s complaint estimates that the alleged financial irregularities resulted in a loss of approximately ₹93.44 crore to PNB. The exact manner in which the funds were used and the complete trail of the alleged financial transactions will become clearer as the investigation progresses.
The CBI conducted searches on Friday at several premises linked to the company’s directors. During the searches, documents related to bank accounts, loans and properties were recovered and seized. Investigators are examining these records to establish how the funds received from the bank were transferred and where the money was ultimately used.
A key part of the investigation is also to determine the role of the public servants and private individuals who have currently been listed as unidentified accused. The CBI is examining whether any individual allegedly assisted directly or indirectly in obtaining the loan, preparing documents, diverting the funds or using the money for purposes other than those sanctioned by the bank.
Investigators are now examining the company’s bank accounts and financial records. Invoices issued by the related-party company, loan documents, payment records and property papers are also being scrutinised. The exercise is aimed at tracing the movement of the entire ₹135-crore loan amount and identifying the individuals or entities linked to transactions allegedly responsible for the ₹93.44-crore loss.
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