The Central Bureau of Investigation (CBI) has registered a case on a complaint from State Bank of India (SBI) against a Delhi-based private company, Jay Polychem India Ltd. (borrower company) including its director, guarantor, unknown public servants and unknown private persons on the allegations of causing a loss of about Rs 1,800.72 crore to the public sector bank and other consortium banks.
It was alleged in the complaint that the accused had cheated the State Bank of India-led consortium banks to the tune of Rs 1,800.72 crore (approximately) by way of diversion / siphoning off bank funds, fictitious transactions, cheating, forgery and criminal conspiracy among others.
Searches were conducted on Friday at three locations in Delhi at the office and residential premises of the borrower company and other accused, the CBI said adding investigation is continuing in the case.