Syndicate Bank fraud case: CBI conducts searches at 10 branches, stock falls

The Central Bureau of Investigation on Tuesday carried out searches at 10 locations in Jaipur, Udaipur and Delhi in connection with alleged fraud of Rs 1,000 crore in Syndicate Bank.

Zee Media Bureau

New Delhi: The Central Bureau of Investigation (CBI) on Tuesday carried out searches at 10 locations spread in Jaipur, Udaipur and Delhi in connection with alleged fraud of Rs 1,000 crore in Syndicate Bank.

The alleged fraud includes the use of fake bills and providing overdraft limits against non-existent life insurance policies.

PTI, quoting CBI sources,  reported that the searches are being carried out at 10 locations at the residences and official premises of senior executives of the bank and some private individuals allegedly involved in the scam.

They said the case is of allegedly submitting fake documents for the loan purposes.