New Delhi, 22 May (H.S.): Central Bureau of Investigation conducted searches at seven locations linked to Shree Hari Extrusion Private Limited and Jay Formulations Limited in connection with two separate bank fraud cases involving alleged scams worth more than ₹119.03 crore.

The agency had carried out raids at premises associated with both companies yesterday. According to information released by the CBI on Friday, Shree Hari Extrusion Private Limited allegedly defrauded [Punjab National Bank](https://www.pnbindia.in?utm_source=chatgpt.com) of ₹61.98 crore, while Jay Formulations Limited is accused of cheating [State Bank of India](https://sbi.co.in?utm_source=chatgpt.com) of ₹57.05 crore.

The case involving Shree Hari Extrusion pertains to an alleged fraud of ₹61.98 crore related to cash credit and term loan facilities obtained from Punjab National Bank. Acting on search warrants issued by the Special Judge for CBI cases in Mumbai, officials conducted searches at the residential premises of the company’s directors.

According to investigators, the company availed cash credit and term loan facilities from the bank and subsequently misused the loan amount through fraudulent means. The allegations include granting unsecured loans, carrying out fictitious transactions with associate firms, concealing sales details from the bank, and making illegal payments to related parties.

The case concerning Jay Formulations Limited relates to an alleged fraud of ₹57.05 crore against the State Bank of India. The fraud reportedly involved both fund-based and non-fund-based transactions carried out on the basis of fabricated account books, followed by the misappropriation of the loan amount.

Based on search warrants issued by a court in Ahmedabad, CBI officials conducted raids today at the residences of the company’s directors.

According to the agency, several incriminating documents and digital evidence were seized during the searches conducted in both cases. The alleged frauds have caused a combined loss of ₹119.03 crore to the two public sector banks — Punjab National Bank and State Bank of India.

The agency further stated that scrutiny of the seized documents and additional legal proceedings are currently underway.

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Hindusthan Samachar / Jun Sarkar