CBI Raids Private Firm’s Office In Cuttack For Bank Fraud

Cuttack: The Central Bureau of Investigation (CBI) on Wednesday conducted raid on the office of S.R. Alcobev Pvt Ltd at Phase 2, New Industrial Estate in Jagatpur of Cuttack for alleged bank fraud.

The raid was conducted following a complaint lodged by Laxmikanta Mishra, Assistant General Manger-cum-Circle Head of Punjab National Bank, Bhubaneswar.

The company allegedly caused undue wrongful loss to Punjab National Bank/ Indian Bank to the tune of Rs 140.48 crore with interest as on September 30, 2021, and corresponding wrongful gain to accused persons.

SR. Alcobev Pvt Ltd. represented through its directors, Ranjan Kumar Padhi, Managing Director and his wife Saina Kar, Director, Naina Devi Suppliers Pvt. Ltd. (corporate guarantor) and Chandraghanta Iron & Steel Traders Pvt. Ltd. (corporate guarantor), had approached the main branch, Buxi Bazar of the Punjab National Bank and Allahabad Bank, Bhubaneswar for a financial facility and caused the bank to believe that with the said loan limit the business of the company would grow.

Relying upon the representation of the borrower, the Punjab National Bank & Allahabad Bank, under the consortium arrangement sanctioned the credit facilities aggregating the total amount of Rs.73.00 Crore (lead bank PNB-Term Loan 40.00 Crore) and Indian Bank (erstwhile Allahabad Bank,Term Loan Rs.33.00 Crore) during 2013.

The Banks disbursed loan to the accused firm SR. Alcobev Pvt.Ltd and Brewforce Technologies, Dehradun, supplier for Alcobev Pvt. Ltd., and to Sukanta Kumar Lenka (Civil Contractor) for Civil construction at plant site of the accused company.

It has been alleged that after disbursal of the loan proceeds, the borrowers/guarantors allegedly violated the terms & conditions of the sanction and they neither procured the machineries nor deposited the installments in time and the account turned Non-Performing Assets(NPA).

It was further alleged that the accused including promoters/Directors/Guarantors/suppliers had misappropriated and diverted the loan proceeds with an ulterior motive to defraud the banks to the tune of around Rs.140.48 crore(principal amount plus interest as on 30.09.2021).

Searches had also been conducted at the premises of the accused situated at Dehradun (Uttarakhand).

The CBI has registered a case against seven accused and some other persons.

i) M/s S.R. Alcobev Pvt. Ltd., New Industrial Estate, Jagatpur, Dist: Cuttack.

ii) Shri Ranjan Kumar Padhi, Managing Director of M/s S.R. Alcobev Pvt. Ltd.

iii) Smt. Saina Kar, Director of M/s S.R. Alcobev Pvt. Ltd.

iv) M/s. Naina Devi Suppliers Pvt. Ltd., Sainagoue Street, Kolkata, West Bengal(Corporate Guarantor).

v) M/s. Chandraghanta Iron & Steel Traders Pvt. Ltd., Shyam Bazar Street, Kolkata, West Bengal(Corporate Guarantor).

vi) M/s. Brewforce Technologies, East Patel Nagar, New Delhi/Dehradun, Uttarakhand (Supplier).

vii) Shri Sukanta Kumar Lenka, r/o Cuttack (Civil Contractor)

viii) Unknown public servant(s) of Punjab National Bank and unknown others.