CBI Arrests PNB Employee, Accomplice In Alleged ₹10.24 Crore Greater Noida Bank Fraud

The Central Bureau of Investigation (CBI) has filed a criminal complaint against Mumbai-based aluminium foil manufacturer, Parth Foils Private Limited (PFPL), for allegedly defrauding a consortium of banks, led by the State Bank of India (SBI), of Rs80.73 crore. The CBI conducted searches at multiple locations, including Mumbai, Ghaziabad, and Solan (Himachal Pradesh), resulting in the recovery of incriminating documents, hard disks, and electronic gadgets.

The incident arose from a series of events beginning with a term loan of Rs22 crore sanctioned to PFPL in 2009 for setting up a manufacturing plant in Silvassa. Subsequently, a loan of Rs4 crore was sanctioned in 2010 for a unit in Baddi. Due to liquidity issues, the company faced continuous stress on accounts in July 2010, forcing the closure of the Silvassa plant in September 2011, resulting in a loss of approximately Rs22 crores.

The account was later restructured in 2013, but the company resorted to unauthorized withdrawals, leading to its classification as a Non-Performing Asset (NPA) by SBI on March 25, 2013. A fraud angle examination revealed that the company manipulated stock book debt statements and financial reports to overstate sales, income, and profits, resulting in the diversion of loan amounts without proper utilization, causing wrongful loss to the company and its promoters.