Report Wire - CBI conducts searches in Odisha, Uttarakhand in Rs 140-crore mortgage fraud case

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CBI conducts searches in Odisha, Uttarakhand in Rs 140-crore mortgage fraud case

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CBI conducts searches in Odisha, Uttarakhand in Rs 140-crore loan fraud case

By Express News Service

BHUBANESWAR: The Central Bureau of Investigation (CBI) on Thursday performed searches in Odisha and in Uttarakhand in reference to a case associated to dishonest the Punjab National Bank (PNB) and Allahabad Bank to the tune of Rs 140 crore.

“Searches were conducted at the property of the accused in Cuttack and in Dehradun. Further investigation is continuing,” stated a CBI officer.

The Punjab National Bank’s Cuttack circle head-cum-assistant basic supervisor Laxmikanta Mishra lodged a grievance with the CBI on Tuesday alleging M/s SR Alcobev Private Limited having its workplace at New Industrial Estate in Jagatpur cheated PNB and Allahabad Bank after availing credit score services/time period loans from them.

Alcobev’s managing director Ranjan Kumar Padhi and his spouse and agency’s director Saina Kar, company guarantors M/s Naina Devi Suppliers Private Limited and M/s Chandraghanta Iron and Steel Traders Private Limited in Kolkata had approached the principle department of PNB at Buxi Bazar in Cuttack and Allahabad Bank, now Indian Bank, in Bhubaneswar to avail a monetary facility by claiming the mortgage would result in the expansion of the corporate’s enterprise.

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Under a consortium settlement, PNB sanctioned credit score facility/time period mortgage of Rs 40 crore and Allahabad Bank sanctioned Rs 33 crore to Alcobev in 2013.

The banks disbursed the mortgage quantity to Alcobev, M/s Brewforce Technologies (provider) in Dehradun and contractor Sukanta Kumar Lenka for development on the plant website of the contaminated agency of Ranjan Kumar Padhi.

However, the debtors/guarantors allegedly violated the phrases and circumstances of the sanctioned quantity and so they neither procured the machineries or deposited the installments on time for which the mortgage account was a non-performing asset (NPA).

The accused promoters, administrators, guarantors and suppliers allegedly misappropriated and diverted the mortgage proceeds with an ulterior motive to defraud the 2 banks to the tune of about Rs 140.48 crore (principal quantity and curiosity as of September 30, 2021).

In its FIR, CBI has talked about the names of Alcobev, its managing director Ranjan Kumar Padhi, director Saina Kar, company guarantors M/s Naina Devi and Chandraghanta Iron and Steel Traders, provider Brewforce Technologies, civil contractor Sukanta Kumar Lenka, unknown officers of PNB, and others.

Sources stated Alcobev was included in May 2011, and is registered at Registrar of Companies in Cuttack. Alcobev was reportedly manufacturing drinks however at present, the agency’s operations are shut at its plant in Jagatpur.