The CBI has conducted a search at five locations in Delhi on Friday after registering an FIR against Delhi-based packaging company Rave Scans Pvt Ltd for allegedly defrauding a consortium of banks, to the tune of Rs 69.33 crore, officials said.
The CBI acted on a complaint from Indian Overseas Bank alleging serious manipulation of the company's finances. The officials said this included diversion of funds, fabrication of account books and forgery in account books to defraud the banks during 2011 -- 16, as well as forgery in account books.
Following the FIR, the CBI conducted the searches on Friday at the premises of the accused former directors of the company in Delhi.
The bank alleged that Rakesh Bhatnagar, Bhavnesh Kumar Kanwar, Premnath Arora and Anuradha Bhatnagar resorted to various fraudulent activities that caused the loss of Rs 69.33 crore to banks and corresponding wrongful gain to themselves.
The agency has arrested the accused under the charges of criminal conspiracy, cheating and provisions of the Prevention of Corruption Act, officials said.