New Delhi, Feb 28 (IANS): The Central Bureau of Investigation (CBI) on Tuesday conducted search operations in Delhi and recovered cash worth Rs 21,50,000, gold watches, eight gold coins, 14 demand drafts of Rs 6.83 crore, and other documents and digital evidences in an ongoing investigation in connection with a bank loan fraud case, officials said.

A senior CBI official said that a case was registered on a complaint from Punjab and Sindh Bank against a private firm which deals into four wheelers, its proprietor Taran Kapoor and his wife Pawan Kapoor (Guarantor) and others.

The official added that Sterling Motors obtained a cash credit limit of Rs 18 crore and bank guarantee (financial) of Rs 22 crore during 2009 to 2017 from the bank against primary security of new vehicles, spare parts and accessories.

The central probe agency said that Sterling Motors then allegedly diverted the funds to other bank accounts and related parties and thereby misappropriated the money.

"The loan account was irregular and bank declared it as an NPA on March 31, 2018, with an outstanding amount of Rs 35.99 crore," said the official.

The official added that raids were conducted in Delhi at the premises belonging to the accused.