The CBI carried out searches in multiple cities on Saturday at the premises of Bhushan Steel and Power Limited after registering a case of alleged cheating amounting to Rs 2,348 crore against it, officials said.

The searches were carried out at multiple locations in a number of cities, including the Delhi-NCR, Chandigarh and Kolkata at office and residential premises of the company, its directors and promoters and their associates, they said.

The agency has booked the firm, it's directors, unidentified public servants and other private persons in the case.

"It was alleged that the accused entered into a criminal conspiracy among themselves and with unknown public servants and others to cheat banks/financial institutions/govt exchequer," a CBI spokesperson said.

It is alleged that the directors of the company allegedly diverted huge amount of bank funds using their companies and shell companies.

The company deliberately defaulted in repayment and also claimed inadmissible credit causing a loss of Rs 2,348 crore to the banks.