Bhubaneswar, June 12 (LocalWire): The Central Bureau of Investigation (CBI) yesterday conducted searches in Bhubaneswar, Cuttack and other cities in relation to a banking fraud.
This comes after a case was filed relating to a banking fraud worth Rs 31.92 crore where some banking officials of Punjab National Bank were said to be involved.
The searches were conducted on the premises of former Chief Managers of the banks.
It was alleged that they worked in gloves with one errant private firm which diverted funds to its sister companies illegally.
It is reported that PNB had alleged that its erring officials had conspired with a private firm through its directors to commit the fraud to the tune of Rs 31.92 crore in connection with processing, sanctioning and disbursing cash-credit (CC) facility, bill discounting and issuing Letters of Credit to the company during 2010-15.