New Delhi, Sep 10 (IANS): The Central Bureau of Investigation on Thursday carried out searches at four locations of Mumbai-based Spanco Ltd and others over allegations of bank fraud to the tune of Rs 103.27 crore.

A senior CBI official said that the agency sleuths carried out searches at the premises of Spanco Ltd and its CMD at four locations in Mumbai and recovered several incriminating documents.

The agency's action came after it registered a case against Spanco Ltd, its CMD, guarantor, then Deputy MD, then Director and others on a complaint from Central Bank of India for causing an alleged loss of Rs 103.27 crore to the bank.

In the complaint it was alleged that a fraud was perpetrated on Central Bank of India by Spanco Ltd and other accused.

It was further alleged that the accused entered into a conspiracy with each other and diverted the loan amount to its group company and further transferred money to personal accounts of promoter and family members and thus cheated the bank to the tune of Rs 103.27 crore.