The Central Bureau of Investigation (CBI) on Wednesday conducted searches at eight premises in Kolkata, seizing incriminating documents in connection with alleged loan frauds totalling ₹191 crore against Punjab National Bank (PNB). The raids targeted three separate companies — Tantia Construction, Brahm Alloys, and Amrit Feeds — with cases registered against each firm individually, according to a CBI statement.

Key Developments

Searches were carried out at the residential premises of directors of all three companies. The CBI confirmed that incriminating documents were seized during the operation and that investigations across all three cases are continuing. The agency registered three distinct cases, each alleging systematic diversion and misappropriation of public bank funds.

The Three Cases at a Glance

In the Tantia Construction case, the alleged fraud amounts to ₹73 crore, linked to Cash Credit and Term Loan facilities availed from PNB. Investigators allege the accused diverted funds to finance long-term capital requirements of subsidiaries and associate concerns, and routed substantial amounts through non-standard accounts.

The Brahm Alloys case involves an alleged fraud of ₹58 crore tied to a Cash Credit facility. According to the CBI, the accused directors diverted funds by investing in the equity of group concerns, maintaining current accounts with other banks, and manipulating the company's books of account.

In the Amrit Feeds case, the alleged fraud stands at ₹60 crore, again involving Cash Credit and Term Loan facilities. The CBI alleged that the accused resorted to fraudulent misappropriation and siphoning of bank funds, converted public money for personal use, diverted company funds to associate and sister concerns, and sold tangible assets without the lender's consent.

How the Frauds Were Allegedly Carried Out

Across all three cases, investigators allege a broadly similar modus operandi: funds legitimately availed from PNB were not deployed for stated business purposes. Instead, they were allegedly channelled into related entities, parked in accounts at other banks, or used to acquire assets — circumventing standard banking oversight. The sale of secured assets without lender consent, as alleged in the Amrit Feeds case, is a particularly serious charge under banking regulations.

What Happens Next

The CBI has stated that investigations are ongoing. Seizure of documents from directors' residential premises typically precedes formal charge-sheets and potential arrests. PNB, which has been at the centre of several high-profile fraud cases in recent years, is likely to cooperate with investigators as a complainant. The agency has not yet disclosed whether any arrests have been made in connection with these three cases.