CBI investigations into Indian bank fraud cases

The Central Bureau of Investigation (CBI) has initiated multiple probes into significant financial fraud involving Indian companies and banking institutions.

In early October, the CBI registered a case against Mumbai-based Hanjer Biotech Energies Private Limited following a complaint from Punjab National Bank. The investigation concerns an alleged 93.44 crore rupee fraud, where the company is accused of using related-party invoices to secure a 135 crore rupee loan and subsequently diverting those funds.

Later in the month, the CBI filed a case against IL&FS Energy Development Company Limited and its directors regarding an alleged 212.34 crore rupee fraud involving Canara Bank. The investigation alleges a criminal conspiracy to secure loans from both the Mumbai and London branches of the then-Syndicate Bank, with funds reportedly diverted through associate companies. In both instances, the CBI has conducted raids to seize banking records, property documents, and other financial assets.