The Central Bureau of Investigation (CBI) on Saturday, 4 July conducted coordinated searches across Maharashtra and Gujarat in connection with two separate bank fraud cases involving an alleged combined loss of over ₹231 crore. Both cases were registered by the agency's Bank Securities and Fraud Branch (BSFB) in Bengaluru, according to officials.

Case 1: RL Jewels and the SBI Complaint

The first case was registered against M/s R L Jewels Ltd, its directors, and unknown public servants, following a complaint filed by the State Bank of India (SBI), Mumbai. The FIR alleges criminal conspiracy, cheating, criminal breach of trust, misappropriation of property, and forgery — resulting in a wrongful loss of ₹103.58 crore to the bank.

According to the CBI, the accused allegedly misappropriated funds, diverted money through current accounts held with other banks, and altered and falsified books of accounts and electronic records.

Case 2: Ashapura Garments and the Canara Bank Complaint

The second case was registered on a complaint by Canara Bank against M/s Ashapura Garments Ltd, its directors, and unknown public servants and private persons. The complaint alleges that the company and its directors entered into a criminal conspiracy to defraud a consortium of banks led by Canara Bank, causing a wrongful loss of ₹128.23 crore.

The accused allegedly siphoned off and diverted credit facilities sanctioned for textile operations into non-industry transactions — including high-value dealings with entities engaged in steel, aluminium, and coal trading. This pattern of routing funds earmarked for one sector into unrelated commercial activities is a recurring feature in large consortium-lending fraud cases.

What the Searches Covered

CBI investigators searched multiple locations across both states on Saturday, covering residential premises linked to the directors of both companies, as well as their business establishments and office premises. The agency recovered incriminating documents and digital evidence, including records related to the alleged diversion of funds.

Notably, the simultaneous execution of searches across two states and two distinct fraud cases signals a coordinated operational push by the BSFB, which handles complex financial crime investigations involving public sector banks.

What Investigators Are Examining

The seized material is currently being examined to ascertain the full extent of the conspiracy, trace the flow of funds, and determine the role of all persons involved, the CBI said. Further investigation is underway.

This comes amid a broader push by Indian enforcement agencies to crack down on bank fraud involving diversion of sanctioned credit — a problem that has cost public sector lenders hundreds of crores in recent years.