Mumbai Crime: CBI Books Private Firm, Directors For ₹9.32 Crore Loan Fraud Against Punjab National Bank

Mumbai, Feb 06: The Central Bureau of Investigation (CBI) has booked a private company and its directors for allegedly cheating Punjab National Bank (PNB) to the tune of Rs 9.32 crore by way of misrepresentation of data and fraudulent diversion of funds disbursed under credit facilities sanctioned by the bank.

Complaint by PNB official

According to the CBI, a complaint was received from Amrit Pal Singh, Chief Manager, PNB Assets Recovery Management Branch, Thane, alleging that the borrower company and its directors, in criminal conspiracy with unknown bank officials and private persons, cheated PNB to the tune of Rs 9.32 crore by fraudulently availing credit facilities of Rs 9 crore.

“The said complaint discloses that the borrower company, situated at Cotton Green, was involved in the trading of all kinds of merchandise such as textile, fabrics and other fabrics. It is alleged that the company, its directors and unknown others entered into a criminal conspiracy during the period 2012 to 2013, with the intent to cheat PNB, Vashi Branch, Mumbai, to avail loans by way of misrepresentation of data and fraudulent diversion of the funds disbursed under credit facilities sanctioned by the bank,” said a CBI official.

Alleged diversion of funds

“In pursuance of the said criminal conspiracy, the accused dishonestly and fraudulently got sanctioned a working capital loan facility of Rs 9 crore from PNB. The borrower company and its directors, with fraudulent and dishonest intentions, submitted inflated and false valuation reports of collateral properties for sanctioning of the credit facility. The accused persons fraudulently diverted and utilised the disbursed funds for purposes other than those for which the funds were sanctioned,” the official said.

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Account declared NPA

“Thus, the accused partners misappropriated the bank funds and thereby caused wrongful loss to the tune of Rs 9.32 crore to PNB and corresponding wrongful gains to themselves. The directors of the borrowing company failed to service the instalments and interest of the loans and accordingly, the account of the company was classified as an NPA in September 2013 and was reported as fraud in June 2025,” the official added.

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