CBI Raids Maxx Mobile Communication In Mumbai Over Rs 30.63 Crore Bank Fraud
The Central Bureau of Investigation (CBI) on Wednesday, July 8, 2026, conducted searches at multiple premises in Mumbai linked to M/s Maxx Mobile Communication Ltd and its directors. The searches were carried out in connection with an alleged bank fraud case involving Rs 30.63 crore.
The federal agency registered the case on Tuesday, July 7, 2026, acting on a formal complaint filed by Punjab National Bank's Stressed Assets Management Branch in Mumbai.
According to the CBI, the complaint alleges that the accused directors and the company entered into a criminal conspiracy. Through this conspiracy, they allegedly obtained higher cash credit facilities from Punjab National Bank and other consortium member banks by submitting inflated debtor figures alongside other false financial information.
In addition to the cash credit facilities, the accused individuals allegedly got a term loan sanctioned from the bank. The CBI claimed in an official statement that the accused then diverted and siphoned off these loan funds for purposes other than those for which the loan was originally sanctioned, causing a significant financial loss to the public sector bank and its consortium partners.
During the searches conducted across multiple locations on Wednesday, investigators recovered and seized various incriminating bank documents, property documents, and other evidence relevant to the ongoing probe.
Officials stated that a preliminary scrutiny of the seized material indicates the existence of several debtor entities. The credentials of these debtor entities are currently undergoing verification by the agency. Furthermore, investigators seized specific documents that relate to the alleged inflation of debtor figures, which were reportedly used to avail the enhanced credit facilities.
The investigation remains active as officials seek to uncover the complete details of the financial scheme.
"Investigation is continuing to ascertain the full extent of the conspiracy, identify the role of all involved persons, including public servants and private individuals, and trace the end use of the loan funds," the CBI said in its statement.
