The Central Bureau of Investigation (CBI) on Saturday conducted searches on the premises of Bhushan Power and Steel Limited, its directors, promoters and their associates, in connection with a ₹.2,348 crore bank fraud case.

The searches were carried out in the National Capital Region, Chandigarh, Kolkata and Odisha, pertaining to an FIR registered by the agency against the firm and its functionaries, besides unknown public servants and private persons.

The accused persons entered into a criminal conspiracy with unknown public servants and others to cheat banks, financial Institutions and the government exchequer.

The funds were diverted through companies, shell firms and other entities and the company “deliberately defaulted in repayment and also claimed inadmissible CENVAT credit”, as alleged.