CBI raids eight Kolkata locations over ₹191 Cr PNB fund diversion

For lenders and DSAs, this case is a reminder that working capital loans remain vulnerable to diversion through shadow accounts, even when disbursed against seemingly sound collateral. Physical asset verification and ledger audits still matter alongside digital underwriting checks.

As banks scale up for the next corporate credit cycle, this operation shows that AI-driven credit risk models can be undermined by manipulated physical records. Connectors and DSAs sourcing corporate credit should factor in enhanced end-use monitoring and periodic on-ground asset verification, not just digital audit trails.