CBI begins probe into Rs 32 crore PNB scam
The CBI raided the official and residential premises of the accused in Bhubaneswar, Cuttack, Visakhapatnam, Ko…Read More
BHUBANESWAR: The CBI on Thursday started a probe into alleged loan fraud of nearly Rs 32 crore in Punjab National Bank (PNB), Station Square branch, between 2010 and 2015. The central agency registered cases against nine people, including four former senior branch employees, on the basis of a complaint lodged by PNB on Tuesday.
The CBI raided the official and residential premises of the accused in Bhubaneswar, Cuttack, Visakhapatnam, Kolkata and Jammu. The agency said the four former staffers allegedly connived with a Bhubaneswar-based private company and sanctioned huge cash credit to the firm illegally.
“We have registered cases against the branch’s former chief manager, former assistant general manager, former chief manager and former senior manager. Besides, cases have been registered against the private company and four of its functionaries, including the managing director,” a CBI officer said.
The CBI said the PNB branch’s former officials allegedly entered into a conspiracy with the private company and committed fraud in processing, sanctioning and disbursing cash credit facility, bill discounting and issuing letters of credit in its favour during 2010-15. The private firm allegedly diverted the funds illegally to its sister concerns and misused the money.