New Delhi: The Central Bureau of Investigation (CBI) on Tuesday said it was investigating alleged fraud at state-run Syndicate Bank amounting to about Rs 1,000 crore ($150 million).
Acting on a complaint from the bank, the CBI has registered cases against five bank officials and four others, it said in a statement.
It said it was conducting searches at 10 locations across three cities including New Delhi.
The suspects were believed to have discounted fake cheques and bills against fake letters of credit, and arranged overdraft limits against nonexistent life insurance policies.
Syndicate Bank did not respond to a request seeking comment. Its shares ended down nearly 2 per cent, having dipped as much as 4.9 per cent during the session.
The CBI is currently investigating allegations of money laundering at Bank of Baroda, India's second-biggest lender. The CBI said over the weekend that it had conducted searches at 10 locations.
Indian banks are on a drive to clean up their bad loans and have sharply increased provisions to cover loan losses.
($1 = Rs 67.38)
New Delhi: The Central Bureau of Investigation (CBI) on Tuesday said it was investigating alleged fraud at state-run Syndicate Bank amounting to about Rs 1,000 crore ($150 million).
Acting on a complaint from the bank, the CBI has registered cases against five bank officials and four others, it said in a statement.
It said it was conducting searches at 10 locations across three cities including New Delhi.
The suspects were believed to have discounted fake cheques and bills against fake letters of credit, and arranged overdraft limits against nonexistent life insurance policies.
Syndicate Bank did not respond to a request seeking comment. Its shares ended down nearly 2 per cent, having dipped as much as 4.9 per cent during the session.
The CBI is currently investigating allegations of money laundering at Bank of Baroda, India's second-biggest lender. The CBI said over the weekend that it had conducted searches at 10 locations.
Indian banks are on a drive to clean up their bad loans and have sharply increased provisions to cover loan losses.
($1 = Rs 67.38)
New Delhi: The Central Bureau of Investigation (CBI) on Tuesday said it was investigating alleged fraud at state-run Syndicate Bank amounting to about Rs 1,000 crore ($150 million).
Acting on a complaint from the bank, the CBI has registered cases against five bank officials and four others, it said in a statement.
It said it was conducting searches at 10 locations across three cities including New Delhi.
The suspects were believed to have discounted fake cheques and bills against fake letters of credit, and arranged overdraft limits against nonexistent life insurance policies.
Syndicate Bank did not respond to a request seeking comment. Its shares ended down nearly 2 per cent, having dipped as much as 4.9 per cent during the session.
The CBI is currently investigating allegations of money laundering at Bank of Baroda, India's second-biggest lender. The CBI said over the weekend that it had conducted searches at 10 locations.
Indian banks are on a drive to clean up their bad loans and have sharply increased provisions to cover loan losses.
($1 = Rs 67.38)
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