CBI Conducts Searches In PNB Bhubaneswar Bank Fraud Case, Seizes Key Documents

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Bhubaneswar: The Central Bureau of Investigation (CBI) found incriminating documents and locker keys on conducting searches at official/residential premises of those accused in a case registered on a complaint by Punjab National Bank (PNB).

The searches were conducted at Visakhapatnam, Kolkata, Jammu, Bhubaneswar and Cuttack in the bank fraud case.

A complaint had been registered against four officials of PNB, Station Square Branch, Bhubaneswar — the then Chief Manager; then Assistant General Manager; then Chief Manager; then Senior Manager – along with Managing Director, two ex-Directors and one Director of a Bhubaneswar based private firm, unknown PNB officials and some other unknown people.

It was alleged that the said PNB officials had conspired with the Bhubaneswar-based private firm through its said Director(s) to process, sanction and disburse CC facility, bill discounting and issuing Letters of Credit to the private firm during the period 2010-15.

It was further alleged that the said private firm had illegally diverted funds received from the PNB to its sister/group companies and misutilised the same beyond the scope of funds sanctioned/disbursed. It was also alleged that bank officials did not verify the genuineness of the business activities of said private company/firm.

A loss to the tune of about Rs. 31.92 crore was allegedly caused to PNB.

Investigation is continuing.

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