Mumbai, July 4, 2026: The Central Bureau of Investigation (CBI) on Saturday carried out searches at multiple locations in Maharashtra and Gujarat in connection with two separate bank fraud cases involving alleged loan diversion and financial irregularities worth over Rs 231 crore, officials said. The searches followed the registration of FIRs by the agency's Bank Securities and Fraud Branch (BSFB) against two companies, their directors and unknown public servants.
SBI Fraud Case
According to the CBI, one of the cases pertains to Mumbai-based R L Jewels Ltd and stems from a complaint filed by the State Bank of India (SBI), which alleged a fraud of Rs 103.58 crore. The agency alleged that the company, its directors and unknown public servants entered into a criminal conspiracy to divert bank funds, route the money through accounts maintained with other banks, and falsify books of accounts and electronic records to conceal the transactions, causing a wrongful loss to the lender. The accused have been booked on charges of criminal conspiracy, cheating, criminal breach of trust and forgery.
Canara Bank Complaint
The second FIR was registered on a complaint filed by Canara Bank against Ashapura Garments Ltd, its directors, unknown public servants and private persons in connection with an alleged fraud of Rs 128.23 crore. According to the CBI, the company diverted credit facilities sanctioned for its textile business to unrelated commercial transactions, including high-value dealings with entities engaged in the steel, aluminium and coal trade, causing a wrongful loss to a consortium of banks led by Canara Bank.
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Searches Across Two States
The agency conducted searches at residential and commercial premises linked to the directors of the two companies, including their offices and business establishments in Maharashtra and Gujarat. During the operation, investigators seized documents, electronic records and other material suspected to be linked to the alleged diversion of funds. The CBI said the seized material is being examined to reconstruct the money trail, establish the extent of the alleged conspiracy and ascertain the role of all those involved.
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