CBI intensifies Usha Ispat investigation

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The Central Bureau of Investigation (CBI) has intensified its investigation into the Usha Ispat (USIS.BO, news) group controlled by the Rais, reports The Economic Times. It is now looking into the books of the financial institutions which had extended loans to the group companies. A team of senior CBI members is at IDBI (IDBI.BO, news) `s CuffeParade office in this connection. It is the lead bank for the Usha group`s flagship company Usha Ispat.

In August, the CBI had registered cases against Usha India (USRCd.BO, news) chairman Vinay Rai and vice-chairman Anil Ray, accusing them of forgery and cheating the financial institutions. It registered the case pursuant to the raids conducted by the income-tax department on the Usha group companies in February this year.

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