Calcutta High Court Petition Filed Against CBI Raids in Major Kolkata Bank Fraud Case
A significant legal challenge emerged in Kolkata on Thursday as a petition was filed in the Calcutta High Court contesting recent searches conducted by the Central Bureau of Investigation (CBI) at multiple locations across the city. The raids, which included two premises in the upscale New Alipore area, are connected to an alleged bank fraud amounting to approximately Rs 1,000 crore.
Legal Proceedings and Official Statement
An official involved in the case confirmed the development, stating, "A petition has been filed and the High Court order is awaited." This legal move comes amidst heightened scrutiny of financial irregularities in the region, with the court now poised to examine the validity and scope of the CBI's investigative actions.
Multi-Agency Investigation Targets Non-Banking Finance Company
The non-banking finance company at the center of this controversy is under simultaneous investigation by both the CBI and the Enforcement Directorate (ED). According to sources within the CBI, the probe was initiated following a formal complaint lodged by Kolkata-based UCO Bank. The alleged fraudulent activities are said to have occurred over a six-year period, spanning from 2014 to 2020.
The modus operandi involved securing loans from nationalised banks through multiple tranches. In a detailed breakdown:
- One company initially obtained an advance of Rs 730 crore.
- An associate firm secured a loan of Rs 260 crore.
- Additional loans were disbursed in subsequent phases, amplifying the financial exposure.
Historical Context and Previous Actions
This is not the first time regulatory and investigative bodies have targeted entities linked to this case. In 2023, the ED conducted raids on multiple premises associated with two companies connected to the group promoter. Furthermore, the Reserve Bank of India (RBI) had earlier filed insolvency petitions against these two companies in 2021. These petitions received approval from the Kolkata bench of the National Company Law Tribunal, underscoring the prolonged nature of this financial saga.
Details of the Recent CBI Operations
On Thursday, a specialized team of CBI officials arrived at the promoter's residence located on New Road in Alipore. Finding the individual absent, the team proceeded to another premises on Alipore Avenue. To ensure security and procedural integrity during these searches, central forces were deployed at both locations.
Banks have leveled serious allegations against the companies involved, accusing them of violating loan agreement terms and defaulting on installment repayments. The promoters reportedly approached public sector banks with documentation to secure these substantial loans, which now form the crux of the alleged fraud.
This case highlights the ongoing challenges in India's financial sector regarding compliance and oversight, with multiple agencies now deeply involved in unraveling the complexities of this high-stakes investigation.
