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CBI raids on Usha Group

NEW DELHI, JAN. 12. In an early morning swoop, the CBI today carried out searches at 12 places, including the residential premises of the chairman of the Usha Group, Vinay Rai, for allegedly duping four financial institutions of about Rs. 100 crore.

The CBI in its FIRs has alleged that the Usha Group had floated nearly 250 fictitious companies and defrauded financial institutions.

- PTI

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