Enforcement Directorate starts probe into PNB fraud in Bhubaneswar

BHUBANESWAR: The enforcement directorate (ED) on Monday started a probe into alleged fraud of nearly Rs 32 crore in Punjab National Bank’s (PNB) Station Square branch in Bhubaneswar. CBI probe into the bank fraud is already underway.
Global Trading Solutions Ltd, a Bhubaneswar-based private company allegedly availed cash credit of nearly Rs 32 crore from the bank between 2010 and 2015 through fraudulent ways. CBI earlier registered cases against nine persons, including four former employees of the bank’s branch for allegedly conniving with the private company to commit the scam.
“We have taken suo moto cognisance of the case and registered money laundering case against the company and its officials, including managing director Abhinash Mohanty. Case has also been registered against the PNB branch’s former chief managers Nagmani Satyanarayana Prasad and Manoranjan Dash, former assistant general manager S C Sharma and former senior manager Priyotosh Das,” an ED officer said.
CBI said the PNB branch’s ex-officials allegedly entered into a conspiracy with the private company and committed fraud in processing, sanctioning and disbursing cash credit facility, bill discounting and issuing letters of credit in its favour during 2010-15. The private firm allegedly diverted the funds illegally to its sister concerns and misused the money.