The CBI claimed to have busted a racket of Indian Overseas Bank officials and businessmen who allegedly managed to siphon off 321 crore rupees of public money to a Hong Kong-based company.<br/><br/> The CBI said in a statement yesterday said it registered a case against 11 people including three Assistant Managers of the Indian Overseas Bank and carried out searches at 14 locations including Chandigarh, Ludhiana, Panchkula and Amritsar.