New Delhi, 03 October (H.S.): The Central Bureau of Investigation (CBI) has registered a case against Mumbai-based Hanger Biotech Energies Private Limited and its directors in an alleged bank fraud case involving an alleged loss of Rs 93.44 crore to Punjab National Bank (PNB), and conducted searches at multiple locations. During the operation, important banking and property-related documents were seized.

The CBI said on Saturday that the agency registered the case on September 30 on the basis of a complaint filed by the Mumbai-based SAM Branch of Punjab National Bank. Hanger Biotech Energies Private Limited, its directors, guarantors, unidentified public servants and other private individuals have been named as accused in the case.

According to the investigating agency, the accused allegedly entered into a criminal conspiracy to obtain a term loan of Rs 135 crore. The loan was allegedly secured on the basis of invoices issued by a related party. It is alleged that instead of utilising the funds for the sanctioned project, the loan amount was diverted for other purposes and misappropriated, resulting in an alleged loss of approximately Rs 93.44 crore to the bank.

The CBI conducted searches on October 2, 2026, at several premises linked to the company’s directors in Mumbai. During the searches, banking documents, property records and other incriminating material relevant to the investigation were recovered and seized.

The investigating agency said that the probe is continuing to uncover the entire conspiracy network, ascertain the role of all individuals allegedly involved and determine the ultimate utilisation of the loan funds.

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Hindusthan Samachar / Jun Sarkar