India’s premier investigative agency, the Central Bureau of Investigation (CBI), executed coordinated raids across ten locations in southern India on Friday. The sweeping operation targeted the corporate offices and residential premises linked to NCS Sugars Limited, its corporate directors, and several unnamed public servants suspected of orchestrating a massive financial fraud against the state-owned Punjab National Bank (PNB).
The investigative dragnet spanned the cities of Hyderabad, Vizianagaram, and Kakinada, unearthing what authorities describe as a highly sophisticated credit misappropriation scheme. The total exposure to the public exchequer is currently estimated at INR 105.44 crore—equivalent to approximately KES 1.68…