The CBI on Friday raided three locations in the state after filing a case against Jai Polychem (India) Ltd in a Rs 1,800 crore bank fraud case against State Bank of India (SBI). The Central Bureau of Investigation (CBI) has filed a complaint with the Central Bank of India (CBI) alleging that the company, along with its promoters and directors and a group of 13 banks led by SBI, were defrauded of Rs 1,800.72 crore.

CBI has filed a case against the company, its managing director Satinder, director Sandeep Singh Madhok, another company Jaspark Specialty Chemicals Limited and Unknown. The bank said in its complaint that the lookout circular was issued against Satinder, Sandeep Madhok, Prakash Kaur, Harnet Kaur and Sumoita Kaur. The bank’s complaint is now part of the FIR.

The bank alleges that the company deals with the import and trade of industrial chemicals and that its account is not satisfactory. He has been accused of rigging several times since May 2014 in the name of ‘Letter of Credit’ and otherwise. Ernst & Young’s methodological audit has found that money has been used elsewhere and that bank fraud has gone through fraudulent transactions and embezzlement. An FIR has been filed in the case.

The bank alleged that the transaction was suspicious and gave the suspected companies a ‘letter of credit’ worth Rs 453.59 crore. Furthermore, rigging was done in many other ways. CBI spokesman RK Gaur said, “On Friday, three places including the lending company and other accused offices and the residential premises of Delhi were attacked.”