CBI Raids Avaya Industries in ₹58.48 Crore Bank Fraud Case

Mumbai, October 29 (Daily Kiran) : The Central Bureau of Investigation (CBI) conducted extensive raids on multiple locations linked to Avaya Industries Limited in Mumbai on Thursday. This action is part of an investigation into a bank fraud case involving ₹58.48 crore, initiated based on a complaint from the State Bank of India (SBI).

According to the CBI, Avaya Industries and its directors are accused of obtaining loans by providing false information and misleading documents, resulting in significant financial losses for SBI. The agency alleges that the company engaged in fraudulent activities, including fabricating sales figures, inflating stock values, concealing export receipts, and misusing funds through unsecured advances.

The investigation revealed that the accused also conducted unauthorized transactions through other banks, manipulated liability figures, and engaged in the unauthorized sale or misrepresentation of mortgaged assets, further harming the bank.

Raids were carried out at various premises in Mumbai, including residences associated with the company’s directors. During these searches, several incriminating documents related to the investigation were seized.

The CBI stated that the evidence collected is currently being analyzed to clarify the alleged conspiracy, misuse of funds, and financial irregularities. The agency emphasized that the investigation is ongoing.

Earlier this week, the CBI arrested a tax inspector stationed at the Income Tax office in Mumbai’s Scindia House for allegedly accepting a bribe of ₹15 lakh. The inspector, Subhash Kumar Yadav, was accused of soliciting ₹20 lakh to close a pending case related to undisclosed assets in the tax department’s benami prohibition unit.