The CBI on Wednesday conducted searches at nine places in connection with a bank fraud case involving about ₹180.15 crore.
“The searches were carried out at eight locations in Indore and one in Jodhpur,” said a CBI official.
The case has been registered against Indison Agro Foods Limited (Indore) and its directors Vijay Kumar Jain, Mahendra Kumar Jain and Devraj Jain.
The company was engaged in the import, processing and trading of pulses and exports to Europe and West Asia. It started operating in 2003.
The company was sanctioned credit facilities in 2013 by an SBI-led consortium comprising the Allahabad Bank, the IDBI Bank and the State Bank of Patiala.
As alleged, the cash credit account turned irregular since 2014 onwards. The account was declared non-performing asset in 2015.
