CBI probing alleged Rs 1,000 crore fraud at state-run Syndicate Bank

The agency is searching 10 locations, including bank branches and homes of bank employees

The Central Bureau of Investigation (CBI) is investigating alleged fraud at state-run Syndicate Bank that involves more than Rs 1,000 crores ($148.4 million), a police spokeswoman said on Tuesday.

The CBI is searching 10 locations that include bank branches and homes of bank employees, CBI spokeswoman Devpreet Singh told Reuters.

The alleged fraud includes the use of fake bills and providing overdraft limits against non-existent life insurance policies, Singh said.

Syndicate Bank did not immediately respond to a request seeking comment. Its shares were down 3.8% by 0814 GMT, compared with a 0.3% fall in the benchmark NSE index.

($1=67.3800 Indian rupees)