The Central Bureau of Investigation (CBI) on Thursday raided the premises of Cuttack-based S.R. Alcobev Private Limited at Phase 2, New Industrial Estate in Jagatpur in connection with a bank scam of whopping Rs 140.48 crores.

A team of the premier probe agency carried out the searches at the private firm on the basis of a complaint from Laxmikanta Mishra, the Assistant General Manger-cum-Circle Head of Punjab National Bank, Bhubaneswar. 

As per reports, S.R. Alcobev Pvt Ltd has been accused of cheating, forgery, criminal breach of trust and corruption.

The company allegedly caused undue and wrongful losses to Punjab National Bank/ Indian Bank to the tune of Rs 140.48 crore with interest as on September 30, 2021, and corresponding wrongful gain to accused persons, the CBI said in a statement.

As per the CBI report, the company allegedly defrauded Punjab National Bank, Buxi Bazar branch and Allahabad Bank, Bhubaneswar branch in credit facilities to the tune of Rs 73 Crore through its directors Ranjan Kumar Padhi, Managing Director and Saina Kar, Director in conspiracy with the unknown public servants of banks and others.

SR. Alcobey Pvt Ltd’s Managing Director Ranjan Kumar Padhi, Managing Director had approached the main branch, Buxi Bazar of the Punjab National Bank and Allahabad Bank, Bhubaneswar for a financial facility and caused the bank to believe that with the said loan limit the business of the…

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