CBI Conducts Raids in Kolkata Over Alleged Loan Fraud Involving Mining Company

The Central Bureau of Investigation has initiated raids in Kolkata targeting a mining company accused of defrauding UCO Bank of ₹7.25 crore. The operation involved multiple locations, including the residence of a businessman and a residential complex linked to the company's promoters. This investigation follows a complaint from UCO Bank regarding the misuse of loan facilities. The CBI aims to collect crucial evidence related to the case, which has already seen the company under scrutiny for similar allegations from another bank. Central forces were deployed to ensure the raids proceeded smoothly.

By Narendra Chaudhary Jan 16, 2026, 10:50 IST

CBI's Investigation into Loan Fraud

The Central Bureau of Investigation (CBI) has launched a series of raids across various locations in Kolkata on Thursday, targeting a mining company accused of committing loan fraud that allegedly caused a loss of ₹7.25 crore to UCO Bank.

Officials reported that searches were conducted at the residence of a businessman in the New Alipore area, as well as other sites including New Town. Five teams from the CBI executed the search operation, which included a fifth-floor apartment in a multi-story residential complex located at plot number 28 in New Alipore.

It is believed that this complex is linked to the promoters and guarantors of Swati Mining Company, Amit Kumar Kejriwal and Sarwan Kumar Kejriwal. An official stated, 'The coordinated operation aims to gather documentary evidence and other materials related to the investigation.'

Details of the Allegations

The CBI registered a new case on December 30, 2025, based on a complaint from UCO Bank against the company, its directors Girija Thakur and Samrat Chakraborty, as well as promoters and guarantors Amit Kumar Kejriwal and Sarwan Kumar Kejriwal. This company is already under investigation by the CBI for a similar bank fraud case stemming from a complaint by Bank of India.

According to the complaint filed by UCO Bank, the accused allegedly caused a wrongful loss of ₹7.25 crore to the bank, which was the outstanding amount in the bank's account as of June 30, 2019, classified as a non-performing asset (NPA).

The complaint further states that the company was engaged in the wholesale trade of iron ore and various other minerals, having availed multiple loan facilities from UCO Bank since 2004. It is alleged that the accused misused the working capital facility for purposes other than intended and transferred funds to parties classified as various creditors, who were not actual creditors.

The FIR claims that 'this resulted in a significant amount of money being transferred to group companies or companies associated with the said debtor.' To ensure the raids proceeded without any hindrance, central forces were present alongside CBI officials.