The CBI is conducting searches at 15 locations in a case related to investment by public sector unit PEC in the National Spot Exchange Limited, NSEL.

CBI sources today said, the searches are being conducted in Mumbai, Delhi and at eight residences of officials, including five of PEC and two of NSEL.

The officials are alleged to have entered into criminal conspiracy to cheat the PEC by floating fraudulent paired contracts for trading of agro commodity on the NSEL platform. It was done without actually undertaking any genuine trade and in the process, caused a loss of about 120 crore rupees to the government exchequer.

The investigating agency has registered a case of criminal conspiracy and cheating under the Indian penal code and the Prevention of Corruption Act.