CBI Conducts Searches In Alleged ₹30.63 Crore Bank Fraud Case Linked To Mumbai-Based Maxx Mobile Communication Ltd

Mumbai, July 8, 2026: The Central Bureau of Investigation (CBI) conducted searches on Wednesday at multiple premises linked to Mumbai-based company M/s Maxx Mobile Communication Ltd and its directors in connection with an alleged bank fraud case involving Rs 30.63 crore.

According to the agency, the CBI registered the case on Tuesday on the complaint of Punjab National Bank's Stressed Assets Management Branch, Mumbai.

It was alleged in the complaint that the accused persons entered into a criminal conspiracy and obtained higher cash credit facilities from PNB and other consortium member banks by allegedly submitting inflated debtor figures and other false financial information.

Alleged Diversion Of Loan Funds

The accused persons allegedly got a term loan sanctioned from the bank and diverted and siphoned off the funds for purposes other than those for which the loan was sanctioned, causing a loss to the bank, the CBI claimed in a statement.

Searches Yield Documents

During the searches, incriminating bank documents, property documents, and evidence relevant to the investigation were recovered and seized. Preliminary scrutiny of the seized material indicates the existence of debtor entities, whose credentials are under verification. Documents relating to the alleged inflation of debtor figures for availing enhanced credit facilities have also been seized, officials said.

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"Investigation is continuing to ascertain the full extent of the conspiracy, identify the role of all involved persons, including public servants and private individuals, and trace the end use of the loan funds," the CBI's statement added.

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