<span style="color: #222222;">The Central Bureau of Investigation yesterday conducted further searches, in an on-going investigation of a case related to alleged loss of 34 thousand 6 hundred and 15 Crore rupees to consortium of 17 Banks led by Union Bank of India.</span><br />'' <br />'' <span style="color: #222222;">The raids were conducted at the premises of two persons in Mumbai and Dewan Villa, Mahabaleshwar which led to recovery of large number of paintings and sculptures, some cash and other incriminating documents. The value of these artworks is estimated to be around 40 crore rupees as per initial estimates.</span><br />'' <span style="color: #222222;"> </span><br />'' <span style="color: #222222;">During investigation, it was found that the promoters had allegedly diverted the funds and made investments in various entities. It was also alleged that the promoters had acquired expensive paintings and sculptures worth about 55 Crore rupees using the diverted funds.</span><br />'' <br />'' <span style="color: #222222;">It was further alleged that separate audits conducted by other private audit accounting organisations had identified multiple instances of diversion of funds by the accused for personal benefits and falsification of books of accounts to camouflage and conceal dubious transactions.</span><br />'' <br />'' <span style="color: #222222;">The audits also identified several instances where large value loans were provided to such fictitious entities without due diligence and without securities. Further investigations are on.</span><br />''