New Delhi, July 4 (IANS) The Central Bureau of Investigation (CBI) on Saturday conducted coordinated searches in connection with two bank fraud cases involving an alleged fraud of over Rs 231 crore, registered by its Bank Securities and Fraud Branch (BSFB) in Bengaluru, officials said.
The first case was registered against M/s R L Jewels Ltd, its directors and unknown public servants on the basis of a complaint filed by the State Bank of India (SBI), Mumbai.
The FIR alleges criminal conspiracy, cheating, criminal breach of trust, misappropriation of property and forgery, resulting in a wrongful loss of Rs 103.58 crore to the bank.
According to the CBI, the accused allegedly misappropriated funds, diverted money through current accounts maintained with other banks, and altered and falsified books of accounts and electronic records.
The second case was registered on a complaint by Canara Bank against M/s Ashapura Garments Ltd, its directors, and unknown public servants and private persons.
The complaint alleges that M/s Ashapura Garments Ltd and its directors entered into a criminal conspiracy to defraud a consortium of banks led by Canara Bank, causing a wrongful loss of Rs 128.23 crore.
The accused allegedly siphoned off and diverted credit facilities sanctioned for textile operations into non-industry transactions, including high-value dealings with entities engaged in steel, aluminium and coal trading.
As part of the investigation, the CBI conducted searches at multiple locations across Maharashtra and Gujarat on Saturday. The searches covered residential premises linked to the directors of the companies, as well as their business establishments and office premises.
During the searches, investigators recovered incriminating documents and digital evidence, including records related to the alleged diversion of funds and other material relevant to the probe.
The agency said the seized material is being examined to ascertain the full extent of the conspiracy, trace the flow of funds, and determine the role of all persons involved.
Further investigation is underway.
–IANS
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