Bengaluru, July 31, 2026 (Yes Punjab News)
The Central Bureau of Investigation (CBI) on Friday conducted searches at 10 locations linked to NCS Sugars Limited in connection with an alleged Rs 105.44 crore loan fraud case involving Punjab National Bank.
The search operations were carried out at factory premises, registered offices and residential properties associated with company directors in Hyderabad, Vizianagaram and Kakinada.
According to the CBI, documents and digital devices containing records relevant to the investigation were recovered during the searches. The seized material is being examined to determine the alleged diversion of funds and identify the role of individuals involved in the case.
The case was registered by the CBI’s Banking Securities and Fraud Branch in Bengaluru on the complaint of Punjab National Bank at Chennai against NCS Sugars Limited, its directors and unknown public servants.
The agency alleged that the accused entered into a criminal conspiracy, submitted forged documents to obtain credit facilities and diverted loan funds instead of using them for the stated business purposes.
The alleged misuse of funds resulted in a loss of Rs 105.44 crore to Punjab National Bank, the CBI said. The company allegedly failed to repay the loan amount, leading to default in the loan accounts.
The CBI said further investigation is underway to ascertain the complete details of the alleged fraud and the involvement of all persons connected with the case.
Earlier, in 2017, two officials of NCS Sugars had also been booked by the CBI in a separate case related to an alleged Rs 82.11 crore fraud involving Project and Equipment Corporation.
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