The raids were targeted against Trimax IT Infrastructure & Services Ld (TIISL), its Managing Director Surya Prakash Madrecha, Director Chandra Prakash Madrecha, and other unknown officials and private persons.
The action followed a complaint by the SBI against the accused of cheating he bank and its other consortium member-banks of the amount between 2009-2017.
The SBI said that during the period, the accused were sanctioned credit facilities under consortium banking and these were enhanced regularly.
However, the company's MD and directors conspired to manipulated the books of accounts and diverted the funds released, thereby cheating the seven banks.
Undergoing bankruptcy proceedings, the TIISL provided IT support to various public sector banks, to a government company for rolling public Wi-Fi networks and has operations in Singapore.