CBI – Searches Launched in Two Bank Fraud Cases Worth Rs 231 Crore
CBI – The Central Bureau of Investigation on Saturday carried out coordinated searches in Maharashtra and Gujarat as part of investigations into two separate alleged bank fraud cases involving more than Rs 231 crore. The cases were registered by the agency’s Bank Securities and Fraud Branch in Bengaluru.
SBI complaint names jewellery company and directors
One of the cases concerns M/s R L Jewels Ltd, its directors and unidentified public servants. The investigation began after a complaint was submitted by the State Bank of India’s Mumbai office.
According to the FIR, the bank suffered an alleged wrongful loss of Rs 103.58 crore. The case includes allegations of criminal conspiracy, cheating, breach of trust, misappropriation of property and forgery.
Investigators have alleged that funds obtained by the company were misused and moved through current accounts held with other banks. The CBI has also alleged that company account books and electronic records were altered or fabricated to conceal the movement of money.
Canara Bank case focuses on textile credit facilities
The second FIR was registered following a complaint from Canara Bank against M/s Ashapura Garments Ltd, its directors, unidentified public servants and private individuals.
The complaint alleges that the company and its management worked together to deceive a consortium of banks led by Canara Bank. The alleged fraud is said to have caused a loss of Rs 128.23 crore to the lending banks.
The company had reportedly received credit facilities for textile-related business activities. However, the CBI alleges that a portion of these funds was diverted for transactions unrelated to the textile sector.
Funds allegedly moved into unrelated business dealings
Officials said the investigation is examining claims that credit facilities sanctioned for textile operations were routed into high-value transactions involving firms connected with steel, aluminium and coal trading.
The agency is working to establish how the funds were transferred, whether banking procedures were bypassed, and whether any individuals helped facilitate the alleged diversion.
The CBI has not disclosed the identities of the unknown public servants or private persons mentioned in the FIRs. Their role will be assessed during the course of the investigation.
Searches conducted at homes and offices
Search teams visited several locations linked to the directors of both companies. The action covered residential properties, business establishments and office premises in Maharashtra and Gujarat.
During the searches, investigators seized documents and digital material believed to be connected with the alleged financial irregularities. The recovered records reportedly include information that may help investigators track transactions and examine the use of loan funds.
Digital records under examination
The CBI said the seized documents and electronic evidence are being reviewed to understand the broader nature of the alleged conspiracy. Investigators are also tracing the movement of funds and identifying everyone who may have been involved.
The agency is expected to examine banking records, company accounts, transaction details and communication data as part of the probe. Further investigation in both bank fraud cases is underway.