New Delhi: The Central Bureau of Investigation (CBI) on Saturday carried out coordinated searches across Maharashtra and Gujarat in connection with two separate bank fraud cases involving alleged losses of more than ₹231 crore to public sector banks.
The searches were conducted as part of an ongoing investigation into allegations of criminal conspiracy, cheating, diversion of funds and financial irregularities.
SBI Alleges ₹103.58 Crore Fraud by RL Jewels Ltd
According to the CBI, one of the cases was registered on a complaint filed by the State Bank of India (SBI), Mumbai, against RL Jewels Ltd, its directors and unknown public servants.
The FIR alleges that the accused caused a wrongful loss of ₹103.58 crore to the bank through criminal conspiracy, cheating, criminal breach of trust, misappropriation of property and forgery.
Investigators further alleged that company officials diverted funds through current accounts maintained with other banks and manipulated books of accounts and electronic records to conceal the transactions.
Ashapura Garments Ltd Accused of ₹128.23 Crore Fraud
The second case was registered on the basis of a complaint from Canara Bank against Ashapura Garments Ltd, its directors, unknown public servants and private individuals.
According to the complaint, the company and its directors allegedly conspired to defraud a consortium of banks led by Canara Bank, resulting in an alleged loss of ₹128.23 crore.
The CBI claimed the accused siphoned off working capital loans intended for textile operations and diverted the funds into un business transactions, including high-value trading with entities dealing in steel, aluminum and coal.
Searches Conducted Across Maharashtra and Gujarat
As part of the investigation, the CBI searched multiple premises linked to the accused, including residential properties, business establishments and office locations associated with RL Jewels Ltd and Ashapura Garments Ltd. The coordinated operation covered several locations in Maharashtra and Gujarat.
Documents and Digital Evidence Seized
The agency said it recovered incriminating documents, financial records and digital evidence during the searches.
Investigators are examining the seized material to trace the flow of funds, identify the full extent of the alleged conspiracy and determine the role of all individuals involved.
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