The Central Bureau of Investigation (CBI) on Tuesday registered a case and conducted searches at three places in relation with Jai Ambe Gauri Chemicals Limited cheating State Bank of India, Hyderabad, to the tune of Rs 65.39 crore.
According to a complaint registered by the CBI, the company registered with Registrar of Companies (RoC) Hyderabad has been dealing with the SBI since 2009, after taking over credit facilities from Axis Bank.
Credit facilities were being availed by the company till April 30, 2015, when its account became a non-performing asset and declared as a fraud.
The company had also then removed its stocks without the SBI's approval and withdrew heavy cash.
The company and its directors have also been declared willful defaulters by the State Bank of Bikaner and Jaipur.
The development follows multi-billion-dollar Punjab Nation Bank fraud by celebrated jeweller Nirav Modi along with Gitanjali Gems owner Mehul Choksi.
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