The CBI carried out searches at 13 places in Mumbai and Lonavala on Thursday after registering a case in a bank loan fraud worth Rs 568.52 crore by P&S Jewellery Limited. The CBI has booked the company and its directors --Paresh Shah, Sahil Pareh Shah, Viraj Chetan Shah -- and unidentified public servants and others under sections related to criminal conspiracy, cheating, forgery under the Indian Penal Code among others.
The agency after filing the case carried out searches at 13 locations in Mumbai and Lonavala at the premises of the directors, they said. It is alleged that the company had availed credit facilities worth Rs 578.5 crore from a consortium of eight banks -- Union Bank of India, State Bank of India, Bank of Baroda, Andhra Bank, Vijaya Bank, Central Bank of India, Canara Bank and Syndicate Bank, they said.
The company allegedly cheated the consortium by way of forgery and submitted forged documents causing a loss of Rs 568.52 crore loss to the bank.