The Central Bureau of Investigation (CBI) conducted searches at various locations including Delhi, Dehradun and Mumbai in an ongoing investigation of a case related to alleged loan fraud which caused losses of Rs100.03 crore to the Punjab National Bank, the agency said on Friday.
The federal agency sleuths raided the office and residential premises of the accused including a private company in New Delhi, Dehradun (Uttarakhand) and Mumbai (Maharashtra), which led to the recovery of incriminating documents and articles, it said.
CBI registered a case on June 19, on the basis of a complaint from Punjab National Bank, Zonal Sastra Centre, Cuffe Parade, Mumbai against a New Delhi-based private company and its directors and other unknown public servants.
It was alleged that the accused entered into a conspiracy to cheat Punjab National Bank.
The accused misappropriated the sanctioned credit facilities by way of cheating and utilisation of loan funds contrary to the sanctioned terms and conditions. It also resorted to diversion of sale proceeds to related and sister concern companies which caused losses of Rs.100.03 crore to the Bank.