Over Rs 231 Crore Fraud has been reported in SBI, Canara and Other Banks. The Central Bureau of Investigation (CBI) conducted search operations on July 4, 2026, in connection with two major bank fraud cases involving more than ₹231 crore. The two cases were registered by the CBI’s Bank Securities and Fraud Branch (BSFB) in Bengaluru.
₹103.58 Crore Fraud Case Involving SBI
The first case was registered against M/s R L Jewels Ltd, its directors and unknown public servants. The case was registered on the basis of a complaint filed by the State Bank of India (SBI), Mumbai. The accused have been booked for alleged criminal conspiracy, cheating, criminal breach of trust, misappropriation of property and forgery. According to the CBI, the alleged fraud caused a wrongful loss of ₹103.58 crore to SBI. The FIR alleges that the accused were involved in the misappropriation of funds and criminal breach of trust. They allegedly diverted funds through current accounts maintained with other banks. The accused are also alleged to have altered and falsified books and electronic records.
Canara Bank Consortium Suffers ₹128.23 Crore Loss
The second case was registered on the basis of a complaint filed by Canara Bank. The case was registered against M/s Ashapura Garments Ltd, its directors, unknown public servants and private persons. According to the complaint, Ashapura Garments Ltd and its directors allegedly entered into a criminal conspiracy to defraud a consortium of banks led by Canara Bank. The alleged fraud caused a massive wrongful loss of ₹128.23 crore to the consortium of banks. The CBI alleged that the accused siphoned off and diverted bank credit facilities that were meant for the company’s textile business. The funds were allegedly diverted to non-industry transactions. The accused also allegedly carried out high-value transactions with entities dealing in steel, aluminium and coal.
CBI Conducts Searches in Maharashtra and Gujarat
On July 4, the CBI conducted searches at several locations in Maharashtra and Gujarat. The search operations covered residential properties linked to the directors of the accused companies. The CBI also searched business establishments and office premises of M/s R L Jewels Ltd and M/s Ashapura Garments Ltd.
