The Central Bureau of Investigation (CBI) searched over 100 locations across 11 states and union territories (UTs) on Thursday in connection with more than 30 cases of bank fraud totalling over Rs 3,700 crore.
Various incriminating documents and other material/digital evidence were discovered during searches.
The CBI has received a range of complaints from various banks alleging fraud, money laundering, and the submission of fake/forged documents by various defaulting firms in order to obtain loans/credit facilities, among other items.
These searches are part of a Special Drive to apprehend fraudsters based on complaints received from various Indian nationalised banks. Indian Overseas Bank, Union Bank of India, Bank of Baroda, Punjab National Bank, State Bank of India, IDBI, Canara Bank, Indian Bank, and Central Bank of India are among the complainant banks.
The various cities/towns where the searches were conducted include Kanpur, Delhi, Ghaziabad, Mathura, Noida, Gurugram, Chennai, Thiruvarur, Vellore, Tiruppur, Bangalore, Gantur, Hyderabad, Bellery, Vadodara, Kolkata, West Godavari, Surat, Mumbai, Bhopal, Nimadi, Tirupati Visakhapatnam, Ahmedabad, Rajkot, Karnal, Jaipur & Sri Ganganagar.
There have been reports that such companies have been becoming defaulters, causing loans to become non-performing assets (NPAs), causing public sector banks to lose a lot of money.
The CBI records the cases after they have been thoroughly investigated. A rigorous investigation is undertaken in order to bring the suspects to justice, convict them, and try to recover public funds.