New Delhi: The CBI has conducted searches at eight locations across West Bengal in three separate bank fraud cases involving cumulative loss of Rs 191 crore to the Punjab National Bank (PNB), officials said.

The action followed registration of cases against Tantia Construction Ltd, Brahm Alloys Ltd, and Amrit Feeds Ltd for allegedly causing loss of Rs 73 crore, Rs 58 crore and Rs 60 crore respectively to the PNB, they said.

Follow The PSUWatch Channel on WhatsApp

The searches were conducted at the residential premises of the directors of these companies, the CBI said.

"In Tantia Construction Ltd case...The accused resorted to fraudulent means to divert the funds availed from the bank by various means like financing long-term capital requirement to its subsidiaries/associate concerns, routing substantial amount through non-standard accounts," a CBI spokesperson said in a statement.

The statement said Brahm Alloys allegedly defrauded the PNB by diversion of funds by way of investment in equity of its group concern, maintaining current accounts with other banks, manipulation of books of account, etc.

Follow PSU Watch on LinkedIN

"In Amrit Feeds Ltd case...the accused resorted to fraudulent misappropriation and siphoning off bank’s funds given to them for running business. They have converted the public money to their own use dishonestly and diverted the funds of the company for the benefit of its associate & sister concern companies. The company sold its tangible assets without the consent of lenders," the spokesperson said.

(PSU Watch is India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy. 👉 Click to join our channel now: PSUWatch WhatsApp Channel. Prefer LinkedIn? Follow PSU Watch on LinkedIN. Click to stay connected on Twitter here and stay updated)