CBI raids multiple locations in Kolkata over Rs 1,000 cr bank fraud

The CBI conducted raids in Kolkata on offices and residences of promoters of a finance company over an alleged Rs 1,000 crore bank fraud. The companies allegedly siphoned funds from multiple banks between 2014-2020, defaulting on repayments

Kolkata: The Central Bureau of Investigation (CBI) on Thursday launched search operations at multiple locations here in connection with its probe into an alleged bank fraud involving around Rs 1,000 crore, an official said.

The searches are underway simultaneously at the offices and residences of the promoters of a Kolkata-based finance company, he said.

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Additional central forces have been deployed at the sites where raids are going on, he said.

“The searches are being carried out in several locations, including Alipore, in connection with a case of large-scale bank fraud involving a public sector lender,” a CBI official said.

The bank had accused an East Kolkata-based finance company of siphoning off funds under the guise of availing loans, following which the central agency initiated a probe.

The CBI official said the alleged diversion of funds took place between 2014 and 2020.

The main allegations are against the two directors of the finance company and one of its associate firms, he said.

The two entities had approached the public sector bank for loans and submitted documents in support of their applications.

As per the bank’s complaint, one of the companies initially availed of an advance of Rs 730.82 crore, while the associate firm took a loan amounting to Rs 260.20 crore, the CBI official said.

Additional loans were also sanctioned in phases. However, the bank alleged that both companies were violating the loan agreement and defaulted on the timely repayment of instalments.

Following a preliminary inquiry, the CBI alleged that the two companies had also taken loans worth several thousand crores of rupees from at least six other banks, a significant portion of which was not repaid.

In 2023, two senior officials of the public sector bank concerned lodged a formal complaint with the CBI in connection with the Rs 1,000 crore fraud.

The CBI later registered a case against the two companies and their promoters, the official added.