CBI Investigates Two Companies for Alleged Bank Frauds Totaling Over ₹200 Crore

The Central Bureau of Investigation (CBI) has registered cases against two separate companies and their directors for alleged bank frauds involving consortiums of banks. JJ Private Limited, a jewellery firm based in Ahmedabad, is accused of defrauding a consortium led by the State Bank of India of approximately ₹145.69 crore between 2009 and 2014. Separately, a private company in Chhattisgarh engaged in rerolled metal products is alleged to have cheated a consortium led by Union Bank of India of ₹61.13 crore from 2023 to 2025 by submitting fictitious stock statements and diverting funds. Both cases involve accusations of criminal conspiracy, cheating, and misuse of sanctioned funds, with investigations ongoing.