CBI Raids Cuttack-Based Firm For Committing Over Rs 140-Cr Fraud On 2 Banks
Cuttack: The CBI on Thursday conducted a raid on a city-based firm for allegedly committing a financial fraud of around Rs 140 crore on two banks.
The raid was carried out on SR Alcobev Private Limited at New Industrial Estate in Jagatpur on the basis of a complaint filed by Laxmikanta Mishra, assistant general manger-cum-circle head of Punjab National Bank, Bhubaneswar.
According to a CBI report, managing director of SR Alcobey Ranjan Kumar Padhi had approached the main branch of the Punjab National Bank (PNB) at Buxi Bazar in Cuttack and Allahabad Bank, Bhubaneswar for a business related loan. Both the banks sanctioned credit facilities amounting to Rs 73 crore including Rs 40 crore by PNB and Rs 33 crore by Indian Bank (erstwhile Allahabad Bank to the company in 2013.
The loan amount was disbursed to SR Alcobev; Brewforce Technologies, Dehradun, the supplier of Alcobev and civil contractor Sukanta Kumar Lenka for construction works at the plant site of the company.
After disbursal of the loan, the company neither procured the machineries nor deposited the instalments in time. As a result, the loan amount went up to Rs 140.48 crore including the interest.
The complainant has accused SR Alcobev Pvt Ltd of cheating, forgery, criminal breach of trust and corruption.