CBI conducts searches in Mumbai, Cochin in Rs 133 cr bank fraud case

New Delhi |The CBI on Friday conducted searches at multiple premises in in Mumbai and Cochin after registering a case against Furnace Fabrica (India) Ltd and its then directors for allegedly causing "wrongful loss" of Rs 133.52 crore to the SBI, officials said.

The agency said the accused persons entered into a criminal conspiracy, obtained higher credit facilities from SBI by allegedly submitting false financial information.

"The accused persons diverted and siphoned off the bank funds for other purpose for which it was not sanctioned causing loss to the bank," a CBI spokesperson said in a statement.

The officer said during the searches, incriminating details relevant to the investigation for committal of fraud were recovered.

"Investigation is continuing to ascertain the full extent of the conspiracy, identify the role of all involved persons, including public servants and private individuals, and trace the end-use of the loan funds," the spokesperson said.