Chennai, July 31 -- The Central Bureau of Investigation (CBI) on Friday conducted coordinated raids in ten locations in Andhra Pradesh in connection with Chennai PNB bank fraud case registered in BSFB, Bengaluru,The case was registered against M/s NCS Sugars Ltd, its Directors and unknown public servants based on the complaint of Punjab National Bank (PNB), Chennai alleging offences of criminal conspiracy, cheating, criminal breach of trust, misappropriation of property and forgery, causing a wrongful loss of Rs 105.44 crore to the bank.
It was alleged that the accused submitted forged documents to the lending bank by representing them as genuine. On the basis of these documents, they availed the credit facilities and subsequently diverted...