Overview
- CBI teams conducted searches on Wednesday at multiple premises tied to M/s Maxx Mobile Communication Ltd and seized bank records, property papers and accounting documents linked to alleged inflated debtor figures.
- The Maxx Mobile case was registered by the CBI on July 7 after a complaint from Punjab National Bank’s Stressed Assets Management branch that alleges a wrongful loss of about Rs 30.63 crore through inflated receivables and diversion of term-loan funds.
- Separately, the agency has registered a case against a Mumbai garment company and its former directors over an alleged Rs 106.62 crore loss to the State Bank of India following a forensic audit that reclassified the account as fraud and was reported to the RBI in November 2025.
- Investigators are verifying the credentials of seized debtor entities, tracing the end use of loan disbursements and probing the role of any public servants or consortium bank personnel allegedly involved.
- Both matters began as stressed or non-performing accounts and now face criminal probe steps such as forensic review, document verification and asset-tracing that could lead to prosecutions and recovery actions.