New Delhi, 04 July (H.S.): The Central Bureau of Investigation (CBI) on Saturday conducted searches at multiple locations in Maharashtra and Gujarat in connection with two major bank fraud cases involving alleged financial irregularities of more than Rs 231 crore.

According to the CBI, the first case was registered on the complaint of the State Bank of India (SBI) against RL Jewels Limited and its directors. The accused have been charged with criminal conspiracy, cheating, criminal breach of trust, misappropriation of assets and forgery. The alleged fraud caused a loss of approximately Rs 103.58 crore to the bank.

The agency alleged that the company misused sanctioned funds, diverted money through accounts maintained with other banks and manipulated financial records to conceal the transactions.

The second case was registered on the complaint of Canara Bank against Ashapura Garments Limited and its directors for allegedly defrauding a banking consortium. According to the complaint, the company diverted banking facilities sanctioned for its textile business and utilised the funds for high-value transactions in the steel, aluminium and coal sectors. The alleged fraud resulted in losses of approximately Rs 128.23 crore to the lending banks.

The CBI said search operations were carried out on Saturday at several locations in Maharashtra and Gujarat, covering the residential premises of the accused, business establishments and company offices.

During the searches, investigators recovered several incriminating documents and digital evidence, including records allegedly linked to the diversion of funds and the criminal conspiracy.

The agency said the seized material is being examined to trace the flow of funds, establish the full extent of the alleged conspiracy and determine the role of all individuals involved. Further investigation into both cases is underway.

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Hindusthan Samachar / Jun Sarkar