CBI Conducts Searches at Multiple Locations in Mumbai Over Alleged Rs 58.48 Crore SBI Loan Fraud Involving Avaya Industries:

On October 29, 2026, the Central Bureau of Investigation (CBI) conducted searches at multiple locations in Mumbai in connection with a bank fraud case of M/s Avaya Industries Ltd, its directors and other unidentified public servants and private persons.

The CBI registered the case on a complaint by the State Bank of India, Mumbai. The complaint has alleged that the company and its directors had fraudulently obtained bank loans by providing false information and misleading the bank resulting in loss of Rs 58.48 crore.

It is alleged that the accused created false sales records and inflated stock figures to secure credit facilities. They also allegedly failed to collect export payments, diverted bank funds through unsecured advances, routed transactions through another bank without authorization and created false records of money owed by customers. The complaint adds: “Morgaged properties and assets held as security with the bank were sold or misrepresented without authorisation.”

During its investigation, the CBI conducted searches at various locations in Mumbai, including the residential premises of the company's directors.

During the searches, the agency recovered documents believed to be relevant to the case. These documents are being examined to determine the extent of the alleged fraud, identify the movement of funds and establish the role of all those involved. Further investigation in the case is underway.