New Delhi: The CBI on Friday carried out searches at three locations after registering a case of bank fraud against Jay Polychem Ltd, 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 ₹ 1,800.72 crore to a consortium led by the bank, they said.
A forensic audit by Ernst and Young showed alleged diversion and siphoning 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.
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