New Delhi, Feb 26 (IANS): The Central Bureau of Investigation (CBI) on Friday carried out searches at five locations of the Lakshmi Precision Screws Ltd and its directors in Haryana in connection with its probe into a Rs 176.28 crore bank fraud.

A CBI spokesperson here said that multiple agency sleuths carried out the searches, and seized several incriminating documents.

The agency's action comes in the wake of the case it registered in the fraud case against Lakshmi Precision Screws Ltd, its directors Lalit K. Jain, Rajesh K. Jain, and Vijay Kumar Jain, property mortgagors Nilikesh Jain and Saurav Jain, and several unknown officials and private persons.

In its complaint to the CBI, the Canara Bank alleged that the company, through its proprietor or directors in conspiracy with others, had defrauded the consortium of banks by misrepresentation or concealment of facts and false documents or information making diversion of funds, to dispose off the mortgaged properties without the consent of banks.

The bank complaint stated that an alleged loss of Rs. 176.28 crore was caused to the consortium, comprising Canara Bank and the State Bank of India.

The official said that the firm, engaged in the manufacturing of high tensile fasteners, was incorporated on December 27, 1968 as private limited company and converted to public limited company on August 20, 1971.