CBI launches special operation against banking frauds; searches underway

The Central Bureau of Investigation (CBI) on Tuesday launched a special search operation in connection with alleged bank fraud cases involving Rs 640 crore of siphoned funds.

Searches are underway at over 50 places in 18 cities across 12 states and union territories. Delhi, Mumbai, Ludhiana, Thane, Valsad, Pune, Palani, Gaya, Gurgaon, Chandigarh, Bhopal, Surat and Kolar are the various cities where the operation is on, agency sources said.

Various companies including Wilson diamond in Thane, Supreme Tax Mark in Ludhiana, S K Knit India Ltd in Gujarat, S L Consumer Product Ltd in Delhi, International Mega Food Park Ltd in Delhi among the places where the operation is being conducted, the sources said.

According to officials, 14 cases have been registered against accused including various companies/firms, their promoters/directors and bank officials.

The amount involved in these banking scams is around Rs. 640 crore, officials said. Further details are awaited.