CBI raids 3 locations in Delhi in bank fraud case

Central Bureau of Investigation carried out searches at three locations in Delhi after booking Jay Polychem Ltd in a Rs 1,800-crore alleged bank fraud case.

New Delhi: The CBI on Friday carried out searches at three locations here after booking Jay Polychem Ltd in a Rs 1,800-crore alleged bank fraud in the State Bank of India, officials said.

The agency has received a complaint from the SBI against the Lajpat Nagar-based company and its promoters and directors for causing a loss of Rs 1,800.72 crore to a consortium led by the bank, they said.

A forensic audit by Ernst and Young showed alleged diversion and syphoning off of bank funds, fictitious transactions, forgery etc resulting in the FIR, they said.

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"Searches are being conducted today at three locations in Delhi at the office and residential premises of borrower company and other accused," CBI spokesperson R K Gaur said.

PTI