New Delhi, Dec 4 (PTI) The CBI on Friday carried out searches at three locations here after booking Jay Polychem Ltd in a Rs 1,800-crore alleged bank fraud in the State Bank of India, officials said.

The agency has received a complaint from the SBI against the Lajpat Nagar-based company and its promoters and directors for causing a loss of Rs 1,800.72 crore to a consortium led by the bank, they said.

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A forensic audit by Ernst and Young showed alleged diversion and syphoning off of bank funds, fictitious transactions, forgery etc resulting in the FIR, they said.

"Searches are being conducted today at three locations in Delhi at the office and residential premises of borrower company and other accused," CBI spokesperson R K Gaur said.

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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)