10 Locations Raided Across Hyderabad, Vizianagaram and Kakinada; NCS Sugars Ltd, Directors Under Scanner
New Delhi, Aug 1 : The Central Bureau of Investigation (CBI) has carried out coordinated searches at 10 locations in connection with an alleged ₹105.44 crore bank fraud involving M/s NCS Sugars Ltd., its directors and unknown public servants. The action follows the registration of a case by the CBI’s Banking Securities and Fraud Branch (BSFB), Bengaluru, based on a complaint lodged by Punjab National Bank (PNB), Chennai.
According to the CBI, the accused have been booked for offences including criminal conspiracy, cheating, criminal breach of trust, misappropriation of property and forgery, resulting in an alleged wrongful loss of ₹105.44 crore to Punjab National Bank.
The investigating agency alleged that the accused submitted forged documents to the lending bank by projecting them as genuine to secure credit facilities. After obtaining the loans, they allegedly diverted and misappropriated the funds instead of using them for the intended business purposes. The company later defaulted on repayment, causing substantial financial losses to the bank.
CBI teams conducted searches at the company’s factory, registered office and residential premises of its directors located in Hyderabad, Vizianagaram and Kakinada. During the raids, investigators recovered and seized incriminating documents, digital devices and other evidence considered crucial to the probe.
The agency said the seized material is being scrutinised to determine the full extent of the alleged criminal conspiracy, trace the diversion and movement of funds, and identify the specific roles of all individuals involved, including any public servants linked to the case.
The CBI has stated that further investigation is underway.
