Kolkata | The Central Bureau of Investigation (CBI) has carried out searches at eight locations across Kolkata in connection with three separate bank fraud cases involving alleged losses of ₹191 crore to Punjab National Bank (PNB), officials said on Wednesday.
According to the agency, the searches were conducted on June 17 as part of an ongoing investigation into alleged financial irregularities linked to three companies—Tantia Construction Ltd., Brahm Alloys Ltd., and Amrit Feeds Ltd. The operation targeted residential premises of the directors associated with these firms.
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During the raids, CBI teams reportedly seized several incriminating documents and financial records, which are now being examined as part of the investigation. Officials said the evidence may help establish the flow of funds and identify potential violations in loan disbursement and utilization.
The cases are believed to involve an estimated financial impact of ₹191 crore on Punjab National Bank, one of the country’s major public sector lenders. Investigators are examining whether funds were diverted or misused after being sanctioned, and whether there was any collusion between company representatives and banking officials.
Sources indicated that the three cases are being investigated separately but may share certain financial linkages or common patterns of alleged fraud. The agency is currently analyzing accounting records, loan documentation, and transaction histories to trace the movement of funds.
The CBI has intensified scrutiny of corporate loan accounts in recent years, particularly those involving large-scale defaults or suspected frauds. In this case, officials are focusing on whether the loans were obtained through misrepresentation of financial data or inflated projections.
While the agency has not made any arrests in connection with the latest raids, officials confirmed that the investigation is still at an early stage and further action will depend on the analysis of seized materials and ongoing questioning of individuals linked to the companies.
Bank fraud investigations in India typically involve a detailed review of credit appraisal processes, sanctioning procedures, and post-disbursement monitoring mechanisms. In such cases, agencies also examine whether proper due diligence was conducted by the lending institution before approving large credit facilities.
The CBI has been coordinating with financial experts and forensic auditors to assess the scale and structure of the alleged fraud. Officials said forensic analysis of digital records may also be conducted to identify any manipulation of financial statements or concealment of liabilities.
Punjab National Bank, which has faced several high-profile fraud cases in the past, is expected to cooperate fully with investigators. The bank is likely to provide additional documentation and internal audit reports as part of the probe.
Authorities have also indicated that more locations could be covered in the coming days depending on leads emerging from the current searches. The investigation is expected to focus not only on corporate entities but also on individuals who may have played a role in facilitating or concealing the alleged fraud.
CBI officials reiterated that the investigation is ongoing and all aspects of the case, including possible involvement of intermediaries or external consultants, are being examined. They added that further updates will be provided as the inquiry progresses.
The case adds to the growing list of high-value banking fraud investigations being pursued by central agencies, highlighting continued concerns over credit risk management and financial compliance in corporate lending.
For now, investigators are focused on consolidating evidence from the Kolkata raids before deciding the next course of action in what is being described as a complex multi-entity financial probe.
