New Delhi, October 29, 2026 (Yes Punjab News)
The Central Bureau of Investigation (CBI) on Thursday conducted searches at several locations in Mumbai in connection with an alleged bank fraud of Rs 58.48 crore involving a Mumbai-based company and seized incriminating documents, an official said.
The CBI registered the case on a complaint filed by the State Bank of India (SBI), Mumbai, against Avaya Industries, its directors, and unknown public servants and private individuals.
According to the complaint, Avaya Industries and its directors allegedly obtained credit facilities fraudulently through misrepresentation, causing a wrongful loss of Rs 58.48 crore to the bank, the CBI said in a statement.
The accused allegedly carried out the fraud through fictitious sales and inflated stock figures, suppression and non-recovery of export receivables, diversion of funds through unsecured advances, and unauthorised routing of transactions through another bank. The alleged irregularities also included fabrication of debtor balances and the unauthorised sale or misrepresentation of mortgaged property and hypothecated assets, resulting in losses to the bank, the CBI said.
Searches were conducted on Thursday at multiple locations in Mumbai, including residential premises linked to the directors of Avaya Industries, the statement said.
During the operations, investigators recovered documents relevant to the case, the CBI said.
The seized material is being examined to determine the full extent of the alleged conspiracy, misappropriation and diversion of funds, and to establish the roles of all those involved, it added.
In a separate case, the CBI registered a case following a complaint by Indian Bank’s Stressed Asset Management Branch against Chandra Proteco Limited and its officials in connection with an alleged Rs 210 crore fraud involving five banks.
The agency booked the company’s directors, Ranjeet Gupta, Anilesh Gupta and Aparna Gupta, along with unknown public servants and other unidentified persons. The case involves alleged offences of criminal conspiracy and cheating, as well as offences under the Prevention of Corruption Act, the CBI said.
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