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A CBI spokesperson said that the agency searched the premises of the company and accused directors and found prosecutable documents. The CBI has named the company, its chairman-cum-managing director Cherukuri Sridhar and additional directors Rayapati Sambasiva Rao and Akkineni Satish in its FIR.
It is alleged that the Hyderabad-based private company and its directors took loans under various banking arrangements. CBI spokesperson RK Gaur said that a group of banks was formed under the leadership of Canara Bank. It is also alleged that the account books were fraudulent, fraudulent in the stock statements, tampered with in the balance sheet, and the amount was taken away. The CBI has alleged that the directors embezzled money by laundering Rs 7,926.01 crore to the members of the bank. Gaur said the premises of private company / other accused in Hyderabad and Guntur were searched, which yielded prosecutable documents. According to the CBI, Nirav Modi allegedly rigged Rs 6000 crore and his maternal uncle Rs 7080.86 crore.