New Delhi [India], July 4: The Central Bureau of Investigation (CBI) on Saturday conducted coordinated searches in Maharashtra and Gujarat in connection with two bank fraud cases involving an alleged wrongful loss of over Rs 231 crore to State Bank of India (SBI) and Canara Bank.

 

 

 

According to an official release, one case was registered on a complaint by State Bank of India, Mumbai, against M/s R L Jewels Ltd, its directors and unknown public servants, alleging offences including criminal conspiracy, cheating, criminal breach of trust, misappropriation of property and forgery. The agency alleged that the accused caused a wrongful loss of Rs 103.58 crore to the bank.

 

 

 

The CBI alleged that the accused 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, unknown public servants and private persons. According to the agency, the company and its directors allegedly conspired to defraud a consortium of banks led by Canara Bank, causing an alleged wrongful loss of Rs 128.23 crore.

 

 

 

The CBI alleged that the accused siphoned off and diverted bank credit facilities meant for textile operations into non-industry transactions, including high-value trades with entities dealing in steel, aluminium and coal.

 

 

 

The searches were carried out at residential premises linked to the directors of the companies, as well as business establishments and office premises of M/s R L Jewels Ltd and M/s Ashapura Garments Ltd.

 

 

 

According to the CBI, the searches led to the recovery of incriminating documents and digital evidence, including records allegedly related to the diversion of funds and other material relevant to the investigation.

 

 

 

The agency said the seized material is being examined to ascertain the extent of the alleged conspiracy, trace the flow of funds and identify the role of all persons involved.

 

 

 

Further investigation is underway.