The CBI has arrested three accused, including the promoter and Managing Director of a Gujarat-based company, Diamond Power Infrastructure Ltd, in over 2,654 crore rupees bank fraud case.

The CBI said, the case was registered on the allegations that the company based in Vadodara in conspiracy with unknown bank officials cheated banks by falsification of accounts, false documents and forgery of records.

It was further alleged that the private company engaged in the manufacture of cables, had fraudulently availed credit facilities from a consortium of 11 banks since 2008, with an outstanding amount of over 2,654 crore rupees on 29th June, 2016.

The banks include Bank of India, Bank of Baroda, ICICI Bank, Allahabad Bank, Axis Bank and SBI.

The company and its Directors allegedly managed to get term loans and credit facilities in spite of the fact that they were already appearing in the RBI’s Defaulters List.

The CBI said, after conducting searches at various locations in Vadodara on the 5th of this month, notices were issued to these accused to join the investigation. But, the accused absconded and were not available at their known places of residence.

On the request of CBI, the Special Judge of CBI cases issued Non-Bailable Warrants against the accused. The CBI located the accused yesterday evening from Udaipur with the assistance of Gujarat Police and arrested them this morning.