The CBI has filed a case against Jagat Agro Commodities and its directors. (Representational)

New Delhi:

The CBI has filed a case against Jagat Agro Commodities and its directors Sant Lal Aggarwal and Sudha Pawa among others for alleged bank fraud of over Rs 398 crore in a State Bank of India led consortium, officials said Thursday.

The agency recently carried out searches at the official and residential premises of the accused, they said.

The CBI said the company based in the national capital allegedly submitted inflated balance sheets and financial documents to avail bank loans from the erstwhile State Bank of Patiala (now State Bank of India) and Punjab National Bank, they said.

The company allegedly diverted loan funds causing a loss of Rs 328.92 crore to State Bank of India and Rs 69.43 crore to Punjab National Bank, owing to non servicing of loan interest and other funds, the CBI spokesperson said.