Cuttack: A raid was conducted Thursday by the Central Bureau of Investigation (CBI) on Cuttack-based company SR Alcobev Private Limited located at Phase 2 of new Industrial Estate in Jagatpur.

An official in the probing agency said that search at the private firm was carried out in connection with a bank scam of whopping Rs 140.48 crore, based on a report of assistant general manger and circle head of Punjab National Bank in Bhubaneswar Laxmikanta Mishra.

The company was accused of cheating, forgery, criminal breach of trust and corruption in the report lodged with CBI, the source said.

Undue and wrongful losses were caused by the company to Punjab National Bank and Indian Bank to the tune of Rs 140.48 crore with interest as of September 30, 2021. Corresponding gains were thereby made to the accused persons concerned, a CBI statement read.

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SR Alcobev Private Limited defrauded Punjab National Bank (PNB) in Buxi Bazar and Allahabad Bank (AB) in Bhubaneswar by availing credit facilities of Rs 73 Crore through its managing director Ranjan Kumar Padhi and director Saina Kar. Both the accused had hatched conspiracy with unknown employees of the banks and few others.

The company’s managing director Padhi had approached the main branch of PNB at Buxi Bazar as well as AB in Bhubaneswar for a credit facility and subsequently caused the two banks to believe that business of the company would grow, if given the…

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