New Delhi, July 4 -- The Central Bureau of Investigation (CBI) on Saturday conducted coordinated searches in Maharashtra and Gujarat in connection with two bank fraud cases involving an alleged wrongful loss of over Rs 231 crore to State Bank of India (SBI) and Canara Bank.

According to an official release, one case was registered on a complaint by State Bank of India, Mumbai, against M/s R L Jewels Ltd, its directors and unknown public servants, alleging offences including criminal conspiracy, cheating, criminal breach of trust, misappropriation of property and forgery. The agency alleged that the accused caused a wrongful loss of Rs 103.58 crore to the bank.

The CBI alleged that the accused misappropriated funds, diverted money throug...