Greater Noida: The Central Bureau of Investigation (CBI) today i.e., 04.07.2026 conducted coordinated search operations in connection with two bank fraud cases registered at CBI, BSFB, Bengaluru.
One case was registered against M/s R L Jewels Ltd, its directors and unknown public servants based on the complaint of State Bank of India, Mumbai, alleging offences of criminal conspiracy, cheating, criminal breach of trust, misappropriation of property and forgery, causing a wrongful loss of R103.58 crores to the State Bank of India. It is alleged in the FIR that accused were involved in misappropriation of funds and criminal breach of trust, Diversion of funds through current accounts with other banks, Alteration and Falsification of books/electronic record.
Second case was registered based on the complaint of Canara Bank against M/s Ashapura Garments Ltd, its directors and Unknown Public Servants) & Private Person(s). It is alleged in the complaint that M/s Ashapura Garments Ltd and its directors engaged in a criminal conspiracy to defraud a consortium of banks led by Canara Bank, causing a massive wrongful loss of 3128.23 Crores. The accused allegedly siphoned and diverted bank credit facilities intended for their textile operations into non-industry transactions, engaging in high-value trades with entities dealing in steel, aluminium, and coal.
Today, searches were conducted at several locations in Maharashtra and Gujarat States. The premises covered included residential properties linked to the accused company’s directors and business establishments and office premises of M/s R L Jewels Ltd and M/s Ashapura Garments Ltd.
During the searches, incriminating documents and digital evidence were recovered, including records relating to diversion of funds, and other material relevant to the investigation. These are being examined to identify the full extent of the conspiracy, the flow of funds, and the role of all persons involved.
Further investigation is in progress.
