CBI books Mumbai's Hanjer Biotech, directors in ₹93.44 crore PNB loan fraud
Synopsis
The CBI has booked Mumbai-based Hanjer Biotech Energies and its directors for allegedly obtaining a ₹135 crore loan using related-party invoices and diverting the funds — causing PNB a loss of ₹93.44 crore. On the same day, a CPWD executive engineer and real estate officials were arrested in a separate ₹50 lakh bribery case, underscoring a surge in CBI enforcement action in Mumbai.
Key Takeaways
The CBI registered a ₹93.44 crore bank fraud case against Hanjer Biotech Energies and its directors on 30 September 2026 , on a complaint by Punjab National Bank .
The accused allegedly obtained a ₹135 crore term loan using invoices from a related party and diverted the funds.
CBI conducted searches at multiple Mumbai premises on 3 October 2026 , recovering bank and property documents. 'Unknown public servants' are also named in the FIR, suggesting the probe may extend to bank officials.
In a separate case, CPWD Executive Engineer Vikrant Verma and four others were arrested in a ₹50 lakh NOC bribery case in Mumbai .
The Central Bureau of Investigation (CBI) has registered a ₹93.44 crore bank fraud case against Hanjer Biotech Energies, its directors, and guarantors in Mumbai, following a complaint by Punjab National Bank (PNB). The case was registered on 30 September 2026, and searches were conducted at multiple premises linked to the firm's directors across Mumbai on Friday, 3 October 2026.
The Alleged Fraud
According to the CBI, the accused allegedly entered into a criminal conspiracy to obtain a term loan of ₹135 crore on the basis of invoices from a related party. The funds were then allegedly diverted and siphoned off for purposes other than those sanctioned by the bank, causing a wrongful loss of approximately ₹93.44 crore to PNB's SAM Branch, Mumbai.
The accused have been booked for criminal conspiracy, cheating, and offences under the Prevention of Corruption Act. The case also names unknown public servants and unknown private individuals as accused, suggesting the probe may widen as the investigation proceeds.
Searches and Evidence Recovered
During searches on Friday, CBI teams recovered and seized incriminating bank documents and property documents relevant to the investigation. Officials said the investigation is continuing to establish the full extent of the conspiracy, identify the roles of all persons involved — including public servants — and trace the end-use of the diverted loan funds.
Separate Bribery Case: CPWD Engineer Arrested
In a separate action on the same day, the CBI arrested five individuals in a ₹50 lakh bribery case connected to the issuance of a No-Objection Certificate (NOC) for a land parcel in Mumbai. Those named in the FIR include Vikrant Verma, Executive Engineer, Central Public Works Department (CPWD) Mumbai; Saurav Gupta, Verma's relative based in Pune; and Arvind Semwal, Vice President, Baya Company, along with two other officials of the Mumbai-based real estate group.
The arrested individuals were produced before the Special CBI Judge in Mumbai on Friday, according to officials.
Broader Context
This case is part of a broader pattern of CBI action against alleged loan fraud at public sector banks. PNB has been at the centre of several high-profile fraud investigations in recent years, most notably the Nirav Modi-Mehul Choksi case. The inclusion of 'unknown public servants' in the Hanjer Biotech FIR signals that investigators are actively probing whether bank officials may have facilitated the alleged diversion, a dimension that could significantly expand the scope of the case.
With the investigation still in its early stages, the CBI is expected to summon more individuals for questioning and issue further attachments of assets in the coming weeks.
Point of View
A thread that, if pulled, could implicate bank officers. Public-sector banks remain structurally exposed to related-party invoice fraud, a scheme that is neither novel nor hard to detect in principle, raising questions about why due-diligence safeguards failed on a ₹135 crore sanction. The simultaneous arrest of a CPWD engineer in a bribery case on the same day suggests that CBI's Mumbai unit is in an active enforcement phase, but coordinated action means little without convictions — India's track record on complex bank-fraud prosecutions remains poor.
NationPress
3 Oct 2026
Frequently Asked Questions
What is the CBI case against Hanjer Biotech Energies?
The CBI has registered a ₹93.44 crore bank fraud case against Mumbai-based Hanjer Biotech Energies, its directors, and guarantors on a complaint by Punjab National Bank. The accused allegedly obtained a ₹135 crore term loan using invoices from a related party and diverted the funds for unauthorised purposes.
When was the Hanjer Biotech FIR registered?
The case was registered on 30 September 2026. CBI conducted searches at multiple premises linked to the firm's directors in Mumbai on 3 October 2026, recovering bank and property documents.
Who else is named in the Hanjer Biotech FIR?
Besides the directors and guarantors of Hanjer Biotech Energies, the FIR also names unknown public servants and unknown private individuals, indicating that investigators suspect the conspiracy may have had inside facilitation.
What is the separate CPWD bribery case also reported on the same day?
In a separate matter, the CBI arrested five people in a ₹50 lakh bribery case linked to the issuance of a No-Objection Certificate for a land parcel in Mumbai. Those arrested include Vikrant Verma, Executive Engineer of CPWD Mumbai; his relative Saurav Gupta from Pune; and Arvind Semwal, Vice President of Baya Company, along with two other real estate officials.
What charges have the Hanjer Biotech accused been booked under?
They have been booked for criminal conspiracy, cheating, and offences under the Prevention of Corruption Act. The charges arise from the alleged diversion of a PNB term loan sanctioned for specific purposes.
