MUMBAI: The Central Bureau of Investigation (CBI) has booked a private trading firm and its directors in an alleged bank fraud case involving ₹10.14 crore, after they cheated public sector Punjab National Bank (PNB).
According to the CBI, the firm, Eldered Multitrading, and its directors submitted inflated and false valuation reports of collateral properties and fabricated financial statements to obtain credit facilities from the bank. After the loan was given out, the accused allegedly diverted and utilised the funds for purposes not sanctioned by the bank.
The CBI registered an FIR on December 31, 2025, under relevant sections of the Indian Penal Code related to criminal conspiracy, cheating, forgery for the purpose of cheating, and the fraudulent use of forged documents or electronic records, along with provisions of the Prevention of Corruption Act. The case was registered on a complaint filed by the chief manager of PNB’s Asset Recovery Management Branch in Thane.
The complaint alleged that the borrower firm and its directors, in conspiracy with unknown bank officials and private individuals, fraudulently got loans worth ₹9.75 crore in 2012-2013, causing a loss of ₹10.14 crore to the bank, including expenses and uncharged interest.
As the firm allegedly failed to repay installments and interest, the loan account was classified as a non-performing asset (NPA) on September 30, 2013. The account was subsequently reported as fraud by PNB to the Reserve Bank of India on July 10, 2025.