CBI said a case was registered against the companies, their MDs and directors and other unknown officials for their alleged involvement in availing Rs 63 crore demand loan against export collection bills fraudulently, in connivance with private logistic company, from Indian Overseas Bank.
"Searches were conducted at five places in Mumbai at the residential and official premises of managing directors and directors of two diamond exporting jewellery companies which resulted in recovery of cash of Rs 1.32 crore; fixed deposits worth Rs 4.5 crore and incriminating documents," CBI said in a statement.