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CBI seeks 3 locations in Delhi in case of Rs 1.8 billion bank fraud | India News


NEW DELHI: On Friday, CBI conducted searches at three locations here after booking Jay Polychem Ltd in an alleged Rs 1.8 billion bank fraud at the State Bank of India, authorities said.
The agency received a complaint from the SBI against the Lajpat Nagar-based company and its promoters and directors for causing a loss of 1,800.72 million rupees to a consortium led by the bank, they said.
A forensic audit by Ernst and Young showed alleged diversion and diversion of bank funds, fictitious transactions, counterfeiting, etc., resulting in the FIR, they said.
“Searches are being carried out today at three locations in Delhi at the office and residential premises of the borrowing company and other defendants,” CBI spokesman RK Gaur said.

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