Close on the heels of the nationwide searches by CBI in connection with various cases of fraud on banks, Income Tax sleuths on Wednesday searched the city residences of at least six Bengaluru-based persons linked to a company that had been covered by CBI.
Sources said the search in Bengaluru East followed information shared by the CBI with the department on the alleged suppression of income. Searches on the residences commenced early on Wednesday. Sources said that the CBI had found alleged irregularities in bank loans availed to purchase medical instruments.
While the company had taken ₹354 crore from SBI and ₹178 crore from DBS Bank, the loan was allegedly diverted and attempts were made to defraud the banks. The CBI has registered a case in this connection. During the investigation, CBI sleuths found suppression of income and reported this to the I-T department.
