SIT recovers 1.55 crore cash during raid in Howrah, three arrested in multi-crore loan fraud

The Detective Department's Special Investigation Team (DD SIT), assisted by an anti-bank fraud team, conducted a late-night raid in Howrah and arrested three directors linked to a massive bank fraud case. The arrested individuals have been identified as Manas Roy, Tapas Roy, and Tanmoy Roy, all residents of Nandalal Chatterjee Lane, Howrah. Following their arrest and subsequent statements, law enforcement officials successfully recovered and seized approximately Rs 1.55 crore in cash from their residence. The accused persons are scheduled to be produced before the learned court to seek police custody for further interrogation.

The case dates back to on or before 2018, when the accused individuals—serving as directors and guarantors of M/s Iinings Ventures Pvt. Ltd located at Kalabagan Lane, Dumurjala—allegedly hatched a criminal conspiracy. According to the investigation details, they collaborated with several sister concerns and entities, including M/s Adams Appliances Pvt. Ltd, M/s Noxx & Chef’s Deck Pvt. Ltd, M/s Adamas Appliances and Electronics Pvt. Ltd, and M/s Adamas Furniture Pvt. Ltd. Together, they fabricated a forged and fictitious building sanction plan falsely attributed to the Howrah Municipal Corporation.

This forged document was subsequently presented as genuine to Punjab National Bank (PNB) to dishonestly obtain a cash credit loan amounting to Rs 3.90 crore. After securing the funds, the accused persons failed to pay the designated EMIs or refund the loan amount within the stipulated time. Instead, they siphoned off the entire loan amount through their sister companies for wrongful personal gain. The actions of the accused, which also name Snighda Roy and Prashant Chowdhury, constitute punishable offences under various sections of the Bharatiya Nyaya Sanhita (BNS).