The Central Bureau of Investigation (CBI) has registered a case against a Mumbai-based private company and its top brass for defrauding State Bank of India (SBI) of Rs 338.52 crore.
CBI teams conducting searches in the premises of M/s Ess Dee Aluminium Limited (EDAL) in Kandivali East suburbs of Mumbai.
The chairman and the directors of the aluminium foils company have come under the scanner and are being investigated.
According to the initial investigations by the CBI, the company was manufacturing the aluminium foils having its applications as packaging material used in the pharmaceutical, food and FMCG sectors.
It was further alleged that the accused and other unknown persons had entered into a conspiracy, submitted fake documents and cheated the State Bank of India to the tune of Rs 338.52 crore.
“Searches were conducted at the premises of the accused and the company in Mumbai which led to the recovery of incriminating documents,” CBI officials said
Published 14 September 2020, 14:11 IST