CBI Raids Kolkata Over Rs 1,000 Crore Bank Fraud; Promoters Under Scanner

• CBI conducted simultaneous search operations at multiple locations in Kolkata regarding an alleged Rs 1,000 crore bank fraud.
• The raids targeted offices and residences of promoters of a Kolkata-based finance company and an associate firm.
• The finance company is accused of siphoning off funds from a public sector bank by violating loan agreements and defaulting on repayments.
• The alleged fraud, involving diversion of funds, occurred between 2014 and 2020.
• The companies reportedly took loans worth thousands of crores from at least six other banks, with a significant portion remaining unpaid.

Why It Matters: CBI is investigating a massive Rs 1,000 crore bank fraud involving a Kolkata finance company and its promoters.