New Delhi: The Central Bureau of Investigation (CBI) has registered three separate bank fraud cases over Rs 188 crore against Kolkata-based companies and their promoters and carried out raids at eight places, the agency said on Thursday. All the complaints were filed by Punjab National Bank.
In the first case, five erstwhile directors and promoters of Tantia Construction Limited, Ishwari Prasad Tantia, Rahul Tantia, Sandip Bose, Banwari Lal Ajitsaria and Murare Lal Aggarwal allegedly defrauding PNB of Rs 73.02 crore. The company, an EPC contractor engaged in road, railway and bridge construction, had availed credit facilities from PNB through two predecessor entities Oriental Bank of Commerce and PNB 1.0 both of which merged into PNB with effect from April 1, 2020.
Tantia Construction itself has not been named as an accused, having been successfully resolved under the Insolvency and Bankruptcy Code in favour of EDCL Infrastructure Ltd, with the NCLT Kolkata approving the resolution plan in February 2020.
The other two FIRs registered against Amrit Feeds Limited, a poultry and cattle feed manufacturer, and its directors Harish Bagla and Archana Bagla for an alleged fraud of Rs 59.72 crore, and Brahm Alloys Limited, a Paschim Burdwan-based steel manufacturer, and its directors Bajranglal Mittal, Sonal Mittal and Manish Mittal for Rs 57.92 crore.
In the Tantia Construction case, a forensic audit commissioned by lead lender State Bank of India and conducted by Sarath & Associates for the period 2013-14 to 2017-18 found that the company routed Rs 476.26 crore through accounts outside the Trust and Retention Account mechanism between October 2015 and July 2018, without depositing the proceeds into its loan accounts.
The consortium had initially classified the account as "No Fraud" on the basis of an earlier report in January 2019, but subsequently revised that position after the Enforcement Directorate raised queries about the classification. An addendum to the forensic report issued in September 2020 recorded major adverse findings.
The five accused directors skipped personal hearings scheduled by PNB in August and September 2025, though they had submitted written replies to show cause notices. PNB declared the account fraud on November 3, 2025 and filed the Fraud Monitoring Return with RBI on November 10, 2025.
In the Amrit Feeds case, a forensic audit for 2014-2016 found roughly 90 per cent of trade receivables locked with financially stressed group concern Amrit Hatcheries, along with disproportionate dividend payouts and fund diversions to associate companies without lender consent.
The account was declared NPA in January 2016, and the NCLT Kolkata ordered liquidation in February 2021. Total dues as of August 2025 stood at Rs 222.35 crore against PNB's declared fraud amount of Rs 59.72 crore.
In the Brahm Alloys case, the forensic auditor found the company had submitted different balance sheets to PNB and the Ministry of Corporate Affairs for the financial year ending March 2017 than it had filed with the Income Tax Department.
“Stock statements for 2017-18 overstated inventory by Rs 49.50 crore and understated creditors by Rs 110.23 crore. The account went NPA in September 2019, with total dues since grown to Rs 136.73 crore,” the FIR stated.
