Mumbai: The Central Bureau of Investigation (CBI) on Friday conducted searches at multiple premises linked to the directors of Mumbai-based Hanjer Biotech Energies Pvt Ltd in connection with an alleged Rs 93.44-crore bank fraud Case. Bank records, property documents and other material relevant to the investigation were recovered and seized during the searches, the central agency said.
Case Registered On September 30
The agency had registered a case on September 30 on a complaint by Punjab National Bank’s Stressed Assets Management (SAM) Branch, Mumbai, against Hanjer Biotech Energies Pvt Ltd, its directors and guarantors, besides unidentified public servants and private persons.
According to the CBI, the accused allegedly entered into a criminal conspiracy and obtained a term loan of Rs 135 crore allegedly against invoices of a related party .The agency has alleged that a portion of the loan funds was subsequently diverted or siphoned off for purposes other than those for which the loan had been sanctioned, resulting in an alleged wrongful loss of about Rs 93.44 crore to the bank.
The case has been registered for alleged criminal conspiracy and cheating, besides offences under the Prevention of Corruption Act.
The searches were conducted as part of the investigation into the alleged diversion of loan funds. The CBI said incriminating bank and property documents were recovered and seized from the premises searched.
The agency is examining the end-use of the loan and tracing the flow of funds to establish how the money was allegedly diverted. It is also probing the role of the company’s directors, guarantors and other private individuals, besides the alleged involvement of public servants.
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