Cuttack: The Central Bureau of Investigation (CBI) team of Bhubaneswar has conducted raid on office of S.R. Alcobev Pvt Ltd at Phase 2, New Industrial Estate in Jagatpur of Cuttack for allegedly causing undue wrongful loss to Punjab National Bank/ Indian Bank to the tune of Rs 140.48 crore with interest as on Sep 30, 2021, and corresponding wrongful gain to accused persons.
The complainant has been identified as Laxmikanta Mishra. He is the Assistant General Manger-cum-Circle Head of Punjab National Bank, Bhubaneswar.
The company allegedly caused undue wrongful loss to Punjab National Bank/ Indian Bank to the tune of Rs 140.48 crore with interest as on September 30, 2021, and corresponding wrongful gain to accused persons.
Reportedly, the raid has been conducted for alleged fraud carried out at Punjab National Bank, Buxi Bazar branch and Allahabad Bank, Bhubaneswar branch in matter related to cheating in credit facilities to the tune of Rs 73 Crore by M/S S.R. Alcobev Pvt. Ltd., represented through its directors Ranian Kumar Padhi, Managing Director and Saina Kar, Director in conspiracy with the unknown public servants of banks and others.
SR. Alcobey Pvt Ltd., represented through its directors, Ranjan Kumar Padhi, Managing Director and his wife Saina Kar, Director, Naina Devi Suppliers Pvt. Ltd. (corporate guarantor) and Chandraghanta Iron & Steel Traders Pvt. Ltd. (corporate guarantor), had approached the main branch, Buxi Bazar of the Punjab National Bank and Allahabad Bank, Bhubaneswar for a financial facility and caused the bank to believe that with the said loan limit the business of the company would grow.
Relying upon the representation of the borrower, the Punjab National Bank & Allahabad Bank, under the consortium arrangement sanctioned the credit facilities aggregating the total amount of Rs.73.00 Crore (lead bank PNB-Term Loan 40.00 Crore) and Indian Bank (erstwhile Allahabad Bank,Term Loan Rs.33.00 Crorc) during 2013.
The Banks disbursed loan to the accused firm SR. Alcobev Pvt.Ltd and Brewforce Technologies, Dehradun, supplier for Alcobev Pvt. Ltd., and to Sukanta Kumar Lenka (Civil Contractor) for Civil construction at plant site of the accused company.
It has been alleged that after the disbursal of loan proceeds, the guarantors by violating the terms and conditions of sanction neither procured the machineries nor deposited the installment in time for which the account turned non-performing assets.
It is to be noted that the business activities are not running in the address of the accused company. It has also been alleged that the promoters/Directors/ Guarantors/ suppliers in collaboration with unknown public servants of Punjab National Bank / unknown others dishonestly misappropriated and diverted the loan proceeds by Cheating Punjab National Bank/Indian Bank with an ulterior motive to defraud the bank.