The CBI searched 22 places -- 15 in Mumbai, three in Delhi and four in Pune -- in connection with cheating and defrauding the bank during 1986 and 1987 following a complaint lodged by the bank.
CBI officials said an FIR was registered for conspiracy and cheating.
The FIR said during 1986 and 1987, bank officials misused their position and entered into a criminal conspiracy, whereby Nihon Electronics and Orson Distribution (Pvt) , both of which are now closed, fraudulently diverted funds received from the bank to the accounts of Orson Electronics. All the three companies are promoted by Chhabria.
Eleven directors of Orson and Nihon, including Chhabria and Bhatia, have been named in the FIR.
