CBI Searches 3 Locations In Delhi In Rs 1,800-Crore Bank Fraud Case

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

CBI Searches 3 Locations In Delhi In Rs 1,800-Crore Bank Fraud Case
New Delhi:

The CBI on Friday carried out searches at three locations after registering a case of bank fraud against Jay Polychem Ltd, 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 siphoning 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.