Major Fraud Unveiled: Kolkata Finance Firms Under CBI Radar

The Central Bureau of Investigation (CBI) has launched search operations in connection with a massive bank fraud case involving around Rs 1,000 crore. The raids target offices and homes of Kolkata finance company promoters. Allegations involve loan defaults and funds diversion across multiple banks from 2014 to 2020.

The Central Bureau of Investigation (CBI) launched a series of search operations on Thursday across multiple sites linked to a Kolkata-based finance company involved in an alleged bank fraud worth approximately Rs 1,000 crore.

Authorities are targeting the promoters' offices and residences, with additional central forces deployed to support the operation. Official sources revealed that the fraud pertains to loans taken from a public sector bank under false pretenses.

The probe, covering alleged incidents from 2014 to 2020, accuses the finance company and an associate firm of siphoning off funds while defaulting on repayments. Documents indicate significant loans from at least six banks, triggering a formal complaint and subsequent CBI intervention in 2023.