The CBI on December 4 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.
"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.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
