The Central Bureau of Investigation (CBI) has booked Mumbai-based Frost International, which is involved in merchant trading, for alleged bank fraud to the tune of over ₹3,592 crore.

The probe agency has also booked the company’s directors Uday Desai and Sujay Desai and 11 other individuals and companies for allegedly cheating a consortium of 14 banks.

“The directors had worked in the guise of undertaking merchanting trade without genuine business," as per the probe agency’s FIR. The CBI alleged that they had defaulted in meeting payment obligation towards the consortium of banks led by Bank of India.

The company and its directors, guarantors and unidentified entities submitted forged documents, and diverted and siphoned off the bank's funds, the CBI claimed.