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Indian police have launched an investigation into a Delhi-based pharmaceutical company for allegedly defrauding state-run Punjab & Sind Bank and four other banks of 6.21 billion rupees ($94.57 million), police said.
"Investigation is continuing," Central Bureau of Investigation (CBI), the federal police, said in a statement on Tuesday. The CBI said the searches were conducted at seven locations and recovered some documents.
The police acted following a complaint from the Punjab & Sind Bank against Surya Pharmaceuticals