New Delhi, Apr 13 (IANS) : The CBI has arrested four directors of Delhi-based Surya Vinayak Industries Ltd for cheating a consortium of banks over Rs 2,240 crore, an agency official said on Wednesday. A court sent them to ten day CBI custody.

Sanjay Jain, Rajiv Jain, Rohit Chaudhary and Sanjeev Agarwal have been arrested on the complaint of the Punjab National Bank, said the Central Bureau of Investigation (CBI) official.

It was alleged that the accused fraudulently used more than 100 shell companies for the diversion of bank funds.

The official said that there was no genuine business between the firm run by the accused and the shell companies.

"The firm also diverted Rs 376 crore out of the working capital limit obtained by the consortium of banks to six foreign subsidiaries based at Singapore, Hong Kong, China, Indonesia, Dubai and Ghana," he said.

They were presented before Chief Metropolitan Magistrate Sumit Dass who allowed CBI to quiz them till April 22.

The CBI told the court that accused custodial interrogation is required to recover the cheated amount. It also told court that accused are required to be confronted with one another to unearth the entire conspiracy.