Mumbai Crime: CBI Books Dadar-Based Textile Company And Directors In Alleged ₹9.62 Crore Punjab National Bank Fraud Case

The Central Bureau of Investigation (CBI) has launched an investigation against a Mumbai-based textile company and its directors for allegedly defrauding Punjab National Bank (PNB) of ₹9.62 crore. The accused have been accused of using bank funds for purposes other than those originally sanctioned, according to CBI officials.

The complaint was made by Deva Kumara Y.N., Chief Manager of PNB's Asset Recovery Management Branch in Bandra (East). He alleged that the company, along with its directors and guarantors, conspired to commit cheating, criminal conspiracy, and misuse of official position to obtain credit from the bank in 2013. The company allegedly submitted fraudulent financial statements, misleading information, and inflated values of its collateral to secure working capital facilities from the bank.

Over time, the company failed to meet the terms of the sanction letter, defaulted on interest payments, and ceased to submit stock and book debt statements since June-July 2013. Consequently, the bank classified the company's account as Non-Performing Asset (NPA) in September 2013 and reported the case as fraudulent to the Reserve Bank of India (RBI) in August 2025.