The Central Bureau of Investigation (CBI) has booked Delhi-based Indian Technomach Co. Limited and others for allegedly cheating a consortium of 16 banks to the tune of ₹1,528.05 crore.

"On Wednesday, searches were conducted on the premises of the accused persons at Kangra and Paonta Sahib in Himachal Pradesh," a CBI official said.

Among the accused are the company's promoter Rakesh Kumar Sharma, director Vinay Kumar Sharma, and two Kolkata-based firms named Gurupath Merchandise Limited and Thunder Traders Limited, which were corporate guarantors.

Indian Technomach, which is into the manufacturing of ferrous and non-ferrous metals, has its industrial unit in Himachal Pradesh. It had taken various credit facilities from the consortium led by the Bank of India, during 2008-13.

The accused diverted the funds from the loan account, which was classified as a non-performing asset by the Bank of India on March 31, 2014. The account was declared a fraud in February 2016.