CBI searches Mumbai premises over Rs 231 crore bank fraud cases
On Saturday, July 4, 2026, the Central Bureau of Investigation (CBI) conducted searches at multiple locations in Mumbai and other parts of Maharashtra in connection with two separate bank fraud cases involving alleged loan diversion and financial irregularities worth over Rs 231 crore.
The operations, carried out by the agency's Bank Securities and Fraud Branch (BSFB), followed the registration of First Information Reports (FIRs) against two companies, their directors, and unknown public servants.
One of the cases involves Mumbai-based R L Jewels Ltd. The State Bank of India (SBI) filed a complaint alleging a fraud of Rs 103.58 crore. According to the CBI, the company, its directors, and unknown public servants entered into a criminal conspiracy to divert bank funds. The accused allegedly routed the money through accounts in other banks and falsified books of accounts and electronic records to hide the transactions, causing a wrongful loss to SBI. The agency has booked the accused on charges of criminal conspiracy, cheating, criminal breach of trust, and forgery.
The second FIR was registered based on a complaint filed by Canara Bank against Ashapura Garments Ltd, its directors, unknown public servants, and private individuals. This case involves an alleged fraud of Rs 128.23 crore. The CBI stated that the company diverted credit facilities meant for its textile business into unrelated commercial transactions. These included high-value dealings with entities in the steel, aluminium, and coal trade, resulting in wrongful losses to a consortium of banks led by Canara Bank.
During the Saturday operations, CBI investigators searched residential and commercial premises linked to the directors of both companies across Maharashtra and Gujarat. This included their offices and business establishments.
Agency officials seized documents, electronic records, and other materials suspected of being connected to the diversion of funds. The CBI is currently examining the seized material to reconstruct the money trail, establish the extent of the conspiracy, and determine the roles of all individuals involved.
