The CBI has launched an investigation into Mumbai-based Hanjer Biotech Energies Pvt. Ltd for an alleged bank fraud exceeding Rs 93 crore against Punjab National Bank, involving the diversion of a Rs 135 crore term loan.
Key Points
- CBI registered a bank fraud case against Hanjer Biotech Energies Pvt. Ltd.
- The alleged fraud caused a loss of over Rs 93.44 crore to Punjab National Bank.
- Hanjer Biotech is accused of diverting a Rs 135 crore term loan for unauthorised purposes.
- CBI conducted searches at the company's premises in Mumbai.
- Investigation is ongoing to identify all involved parties and trace the diverted funds.
The CBI has registered an alleged bank fraud case against Mumbai-based Hanjer Biotech Energies Pvt. Ltd for causing a loss of over 93.44 crore to Punjab National Bank, officials said Saturday.
CBI Investigation Details
The agency also conducted searches at multiple premises linked to the directors of the waste processing company in Mumbai on Friday, the CBI said in a statement.
No immediate reaction was available from the company.
The FIR was registered against Hanjer Biotech Energies Pvt. Ltd., its directors and guarantors, as well as unknown public servants and private persons on a complaint from Punjab National Bank's SAM Branch in Mumbai.
"It was alleged that the accused persons entered into a criminal conspiracy, obtained a term loan of Rs 135 crore on the invoices of its related party and diverted and siphoned off the funds for other purposes for which it was not sanctioned," the spokesperson said.
The alleged diversion of the loan funds caused a loss to the bank to the tune of over Rs 93 crore, according to the CBI.
"Investigation is continuing to ascertain the full extent of the conspiracy, identify the role of all involved persons, including public servants and private individuals, and trace the end-use of the loan funds," the spokesperson said.
According to the company website, it uses green technology to recycle mixed solid waste into valuable green products.
