Chennai, Aug 1:
The Central Bureau of Investigation (CBI) on Friday conducted coordinated raids in ten locations in Andhra Pradesh in connection with Chennai PNB bank fraud case registered in BSFB, Bengaluru,
The case was registered against M/s NCS Sugars Ltd, its Directors and unknown public servants based on the complaint of Punjab National Bank (PNB), Chennai alleging offences of criminal conspiracy, cheating, criminal breach of trust, misappropriation of property and forgery, causing a wrongful loss of Rs 105.44 crore to the bank.
It was alleged that the accused submitted forged documents to the lending bank by representing them as genuine. On the basis of these documents, they availed the credit facilities and subsequently diverted and misappropriated the loan funds instead of utilizing them for the intended business purposes. They failed to repay the dues to the bank, resulting in the loan accounts of the accused company becoming irregular/defaulted and caused wrongful loss to the bank.
Today, searches were conducted at 10 locations in Hyderabad, Vizianagaram and Kakinada. The premises covered included factory, registered office, residential properties linked to the directors of company.
During the searches, incriminating documents and digital evidence, including records relevant to the investigation, were recovered and seized. The seized materials are being scrutinized to ascertain the full scope of the criminal conspiracy, trace the diversion and movement of funds, and determine the specific roles of all persons involved.
Further investigation is in progress.