Bhubaneswar: The Enforcement Directorate (ED) Monday initiated a probe into the fraud of around Rs 32 crore in a local branch of the state-owned Punjab National Bank here. The ED authorities, however, refused to comment on the development. Sources claimed that the ED will soon interrogate the bank officials about the financial fraud.
Earlier, the Central Bureau of Investigation (CBI) carried out raids at the Station Square branch of the PNB and the offices of Global Trading Solutions at BJB Nagar here after registering a case against nine persons including the bank personnel, based on a complaint lodged by Ganpat Lal, Circle Head of PNB.
Sources revealed that CBI carried out raids at the residences of the directors of the sham company. Raids were conducted at New Delhi, Bhubaneswar and Kolkata to catch the absconding officials of rogue firm.
The company with the connivance of bank officials committed the fraud. They diverted the amount received under various heads like cash credit, letter of credit to sister companies with the same directors. The money was used for purposes other than the ones for which the funds were sanctioned.