CBI searches 10 locations in alleged Rs 1,000-crore Syndicate Bank fraud

The Central Bureau of Investigation has conducted searches at 10 different locations in Rajasthan and New Delhi in connection with a 1,000 crore fraud by Syndicate Bank.

The CBI conducted searches in branches across Udaipur, Jaipur and New Delhi. A Reuters report quoted a CBI spokesperson saying that the agency was searching 10 locations that includes bank branches and homes of bank employees.

The fraud allegedly includes the use of fake bills and giving overdraft limits for non-existent life insurance policies, the Reuters report said.

At 1439 hours, the bank’s shares were down over 3% — at Rs 59.65 per share, down Rs 2.15 or 3.48% from previous day’s close.