It depends. It is a code issue.
In Canada it is allowed but there are provisions.
The neutral conductor must be insulated for line to line voltage from the 4.16kV supply transformer to the neutral of the station transformer.
The 2.4kV station transformer must have both bushings rated for system voltage ($.16kV)
The following applies:
Where line-to-neutral loads are served, provision shall be made to automatically de-energize the system on
the occurrence of
(a) a ground fault;
(b) a grounded neutral on the load side of the neutral grounding device; or
(c) a lack of continuity of the conductor connecting the neutral grounding device from the neutral point
through the neutral grounding device to the system grounding electrode.
While this is the law in Canada, it is a good idea in other places.
I would go with a 4.16kV transformer connected line to line.
Bill
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Ohm's law
Not just a good idea;
It's the LAW!