SBI fraud case: CBI raids 3 locations in Delhi over Rs 1,800 crore scam

The CBI on Friday 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.

Also Read: CBI books rice export firm, executives for Rs 1,200 crore bank fraud

Also Read: Zydus Cadila's biotech drug to treat COVID-19 gets DCGI nod for Phase III trials