India, July 9 -- The Central Bureau of Investigation (CBI) conducted raids at various places in connection with an alleged Rs 30.63-crore Punjab National Bank (PNB) loan fraud involving Mumbai-based firm Maxx Mobile Communication Ltd and its directors on Wednesday. The CBI had registered the case on July 7 after PNB's SAM Branch, Mumbai filed a complaint against Maxx Mobile Communication Ltd, its directors, unknown public servants and private individuals for allegedly causing the bank an unauthorised loss of Rs 30.63 crore. According to the CBI, the accused in the case had allegedly conspired to avail higher cash credit limits from PNB and other consortium member banks by misrepresenting and falsifying debtor figures among other things. The agency alleged that Maxx Mobile Communication had obtained term loans from the bank and had diverted/siphoned the amount for purposes other than for which the loan was sanctioned. The CBI said that during searches conducted on July 8, records of various banks, property documents and other incriminating documents were recovered.
Published by HT Digital Content Services with permission from Millennium Post.