Mumbai,  The Central Bureau of Investigation (CBI) raided several locations in Mumbai and Gujarat's Kutch in connection with an alleged fraud of Rs 428.50 crore in the Canara Bank, an official said on Thursday.

Following a complaint lodged by Canara Bank, the CBI registered a case against company, PSL Ltd and its director Ashok Yoginder Punj, Alok Yoginder Punj, Rajender Kumar Bahri, Chitranjan Kumar Jagdishchadra Goel, and other known and unknown persons including public servants.

As per the Canara Bank's complaint, between 2009-2016, the accused entered into a conspiracy to cheat the bank through sanction of various credit facilities and misrepresented books of accounts.

They are charged with alleged misutilisation of the funds of the bank and diverting the receivable from its debtors, diverting the loans for projects to other purposes, thus, causing an alleged loss of Rs 428.50 crore to Canara Bank.

The CBI sleuths raided seven locations in Mumbai and Gujarat at the premises of the accused resulting in the recovery of incriminating documents and other articles.