Three Major Bank Fraud Cases in Kolkata : Involving ₹191 Crore Loss to PNB

Kolkata : The Central Bureau of Investigation (CBI) has intensified its crackdown on alleged bank fraud and financial irregularities by conducting coordinated searches at eight locations across Kolkata, West Bengal, on June 17, 2026. The searches were carried out in connection with three separate cases involving alleged fraud against Punjab National Bank (PNB) by M/s Tantia Construction Ltd., M/s Brahm Alloys Ltd., and M/s Amrit Feeds Ltd.

According to officials, the searches targeted the residential premises of directors and key individuals associated with the three companies. During the operation, investigators reportedly recovered and seized several incriminating documents and records that are expected to assist in the ongoing investigations.

The combined financial loss caused to Punjab National Bank in these three cases has been estimated at approximately ₹191 crore, making them among the significant banking fraud investigations currently being pursued by the agency.

Searches in Tantia Construction Ltd. Case

In the first case, the CBI conducted searches at premises linked to the directors of M/s Tantia Construction Ltd. The company is accused of allegedly defrauding Punjab National Bank of around ₹73 crore through misuse of cash credit and term loan facilities extended by the bank.

Investigators allege that the company adopted fraudulent methods to divert funds obtained from the bank. The alleged diversion reportedly involved financing long-term capital requirements of subsidiaries and associate concerns using bank funds that were meant for specific business purposes.

The agency is also examining allegations that substantial amounts were routed through non-standard accounts in a manner that violated banking norms and loan conditions. Such transactions are suspected to have facilitated the diversion of funds away from their intended use.

Officials stated that documents recovered during the searches are being scrutinized to determine the extent of the alleged irregularities and identify the beneficiaries of the diverted funds.

Brahm Alloys Ltd. Under Investigation for ₹58 Crore Fraud

The second case relates to M/s Brahm Alloys Ltd., where searches were also conducted at the residences of the company’s directors.

The company is accused of causing a wrongful loss of approximately ₹58 crore to Punjab National Bank in relation to cash credit facilities availed from the bank.

According to investigators, the accused persons allegedly diverted bank funds through multiple channels. These included investments in the equity of group companies, maintaining current accounts with other banks without proper disclosure, and manipulating financial records and books of accounts.

The CBI is examining whether the company intentionally concealed the true financial position of the business while continuing to avail banking facilities. Investigators are also looking into the movement of funds among related entities and whether banking regulations were deliberately violated.

The documents seized during the searches are expected to provide crucial insights into the alleged diversion of funds and financial transactions carried out by the company.

Amrit Feeds Ltd. Accused of Siphoning Bank Funds

The third case pertains to M/s Amrit Feeds Ltd., which allegedly caused a loss of approximately ₹60 crore to Punjab National Bank through misuse of cash credit and term loan facilities.

The CBI alleges that the company engaged in fraudulent misappropriation and siphoning of funds provided by the bank for business operations. Investigators suspect that public money entrusted to the company was dishonestly diverted for personal and corporate benefits unrelated to the sanctioned purposes.

According to the allegations, funds obtained from the bank were diverted to associate and sister concern companies. The agency is also investigating claims that tangible assets of the company were sold without obtaining the consent of lenders, potentially weakening the security available against the loans.

Such actions, if established during the investigation, would represent serious violations of banking agreements and lending conditions.

Officials stated that documents and records seized during the searches are being analyzed to trace the flow of funds and determine the extent of the alleged diversion and misappropriation.

Coordinated Action Against Banking Fraud

The searches form part of the CBI’s broader efforts to investigate economic offences and safeguard the integrity of the banking system. Financial fraud involving public sector banks has remained a major concern for regulatory authorities and investigative agencies, given its impact on public funds and the overall financial ecosystem.

Investigators are examining financial records, corporate transactions, loan documentation, and fund transfers linked to the three companies. The agency is expected to question key individuals associated with the firms as the investigation progresses.

Officials indicated that the searches yielded several documents that could provide critical evidence regarding the alleged misuse of banking facilities. Digital records and financial transaction details are also being examined as part of the probe.

Combined Loss of ₹191 Crore

Collectively, the three cases involve an alleged wrongful loss of ₹191 crore to Punjab National Bank. Authorities believe the funds were diverted through a variety of mechanisms, including routing money to related entities, manipulation of financial records, unauthorized investments, and misuse of sanctioned credit facilities.

The investigation aims to establish the complete chain of transactions, identify individuals responsible for the alleged fraud, and determine whether additional entities were involved in the diversion of funds.

Investigation Continues

The CBI has confirmed that the investigation in all three cases is ongoing. Officials are currently reviewing the evidence collected during the searches and assessing the role of directors, company officials, and other associated individuals.

Further legal and investigative action is expected based on the findings emerging from the seized documents and financial records.

The latest searches underscore the agency’s continued focus on combating large-scale banking fraud and ensuring accountability in cases involving alleged misuse of public funds and financial institutions.