Mumbai. The Central Bureau of Investigation (CBI) has registered a bank fraud case against Mumbai-based Hanjer Biotech Energies Pvt. Ltd., its directors and guarantors over an alleged loss of more than ₹93.44 crore to Punjab National Bank (PNB). The agency has alleged that a ₹135 crore term loan obtained by the waste-processing company was diverted and siphoned off for purposes other than those for which the loan had been sanctioned.
The FIR was registered following a complaint by Punjab National Bank’s SAM Branch in Mumbai. The accused include Hanjer Biotech Energies Pvt. Ltd., its directors and guarantors, along with unidentified public servants and private individuals. The CBI has invoked allegations of criminal conspiracy and financial irregularities in connection with the loan transactions.
FCRF Launches CP-FRM to Build India’s Next Generation of Fraud Risk Professionals
According to the CBI, the accused allegedly entered into a criminal conspiracy to obtain the ₹135 crore term loan using invoices of a related party. The agency has alleged that after obtaining the loan, the funds were diverted and allegedly siphoned off for purposes unrelated to the sanctioned loan.
The alleged diversion resulted in a financial loss of more than ₹93.44 crore to Punjab National Bank, according to the investigating agency. The CBI is examining the transactions to establish how the loan funds were utilised, where the money was ultimately transferred and whether other individuals or entities were involved in the alleged diversion.
As part of the investigation, the CBI conducted searches on Friday at multiple premises linked to the company’s directors in Mumbai. The searches were aimed at collecting documents and other material relevant to the alleged loan fraud and tracing the movement and end-use of the funds.
The agency has said the investigation is continuing to determine the full extent of the alleged conspiracy. It is also examining the possible role of public servants and private individuals whose involvement may emerge during the probe. The investigators are separately attempting to trace the diverted loan funds and establish the financial trail.
The case has brought the company’s financing arrangements under scrutiny, particularly the circumstances in which the ₹135 crore term loan was sanctioned and subsequently used. The CBI is expected to examine loan documents, invoices, banking transactions and records of the related parties as part of the investigation.
Hanjer Biotech Energies is involved in waste-processing and green-technology activities. Information available about the company indicates that it works on processing mixed solid waste and converting it into usable green products. The alleged bank fraud case, however, relates specifically to the utilisation of funds obtained through the term loan from Punjab National Bank.
No immediate response from the company was available regarding the allegations. The allegations made in the FIR are subject to investigation and judicial proceedings, and the criminal liability of the accused will be determined by the competent court based on the evidence presented during the case.
The latest action is part of the CBI’s continuing investigations into suspected bank frauds involving the alleged diversion of sanctioned loans. In the Hanjer Biotech case, investigators will now focus on establishing the complete money trail, identifying all persons allegedly involved and determining the final use of the funds linked to the ₹135 crore loan.
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.
Follow for daily updates on cybercrime, corporate fraud, DFIR, hacking, investigations, and digital forensics
