CBI raids firms in Maharashtra and Gujarat amid ₹232cr probe
This week, the CBI carried out raids at several spots in Maharashtra and Gujarat, digging into two big bank fraud cases that together allegedly cost public banks nearly ₹232 crore.
The searches targeted R L Jewels Ltd and Ashapura Garments Ltd, leading to the seizure of documents and digital files linked to alleged fund diversion.
R L Jewels ₹103.58cr, Ashapura ₹128.23cr
R L Jewels Ltd allegedly cheated SBI out of ₹103.58 crore by shifting money to other banks and messing with financial records.
Meanwhile, Ashapura Garments Ltd is accused of pulling off a ₹128.23 crore scam involving a group of banks led by Canara Bank.
According to the CBI, funds meant for textile operations were allegedly sent into unrelated industries like steel and coal, so investigators are now tracing where all that money ended up.