CBI searches Mumbai premises of firm in Rs 62 crore bank fraud case

Mumbai: The CBI conducted searches at the premises of the promoters of Shri Hari Extrusion Pvt Ltd in connection with the alleged defrauding Punjab National Bank (PNB) of Rs 62 crore. CBI has named company directors Kishor Gupta and Vijay Agarwal, along with an unknown public servant, in the case.According to the CBI, the company, through its two directors, approached PNB seeking financial facilities and submitted its financial statements and business projections. The accused allegedly induced the bank to believe that the company’s business would expand with the sanctioned credit limits, following which PNB sanctioned the loan.The CBI alleged that after obtaining the loan, the company resorted to fraudulent practices and misused the funds through unsecured loans, transactions with sister concerns, non-routing of sales through the lending bank, and payments to related parties.A forensic audit of the account later revealed what investigators described as a concerning pattern of diversion and siphoning of loan money, and later the company’s account turned NPA, causing loss to PNB.