CBI Registers Case In ₹8.28-Crore PNB Bank Fraud Against Navi Mumbai Firm, Directors And Guarantors
Mumbai, August 21, 2026: The Economic Offences Branch of the Central Bureau of Investigation (CBI), Mumbai, has registered a case against a firm having its corporate office at Navi Mumbai and its two directors and guarantors for allegedly causing a loss of Rs 8.28 crore to Punjab National Bank (PNB). The borrower company and its directors, with fraudulent and dishonest intentions, diverted and…
The Economic Offences Branch of the Central Bureau of Investigation (CBI) in Mumbai has filed a case against a Navi Mumbai-based firm, two of its directors, and guarantors for allegedly defrauding Punjab National Bank (PNB) of Rs 8.28 crore. The complaint was filed by Rinu E. F., Chief Manager, Asset Recovery Management Branch, Thane, who alleged that the accused entered into a criminal conspiracy between 2012 and 2013 to cheat PNB.
The accused allegedly misrepresented facts when seeking credit facilities and availed a cash credit limit of Rs 8 crore based on inflated valuation of mortgaged property. The accused then diverted and misused the disbursed funds for purposes other than those sanctioned, causing wrongful loss to PNB of Rs 8.28 crore. The account was classified as a Non-Performing Asset (NPA) by the bank in September 2013 and reported as fraud to the Reserve Bank of India (RBI) in July 2015.
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