CBI Searches Three Locations In Delhi In Connection With Alleged Rs 1,800-Crore Fraud At SBI
A customer uses an automated teller machine (ATM) at a State Bank of India Ltd. (SBI) branch at night in Bengaluru, India. (Photographer: Karen Dias/Bloomberg)

CBI Searches Three Locations In Delhi In Connection With Alleged Rs 1,800-Crore Fraud At SBI

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The Central Bureau of Investigation carried out searched at three locations in Delhi in connection with an alleged Rs 1,800-crore fraud at State Bank of India, officials said Friday.

CBI had earlier booked Jay Polychem Ltd. in connection with the alleged fraud. The agency had received a complaint from SBI against the Lajpat Nagar-based company and its promoters and directors for causing Rs 1,800.72 crore loss to a consortium led by the bank, officials 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.

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

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