Share on Facebook Share on Twitter Share on Google+ Share on Reddit Share on Pinterest Share on Linkedin Share on Tumblr Shares of Oriental Bank of Commerce and Simbhaoli Sugars lost 9-20 percent intraday on Monday as investors turned cautious post developments of a likely fraud involving the sugar firm. The Central Bureau of Investigation (CBI) said on Sunday it had filed an fraud case against administrators of Simbhaoli Sugar for causing asserted misfortunes of Rs 1.09 billion to state-run Oriental Bank of Commerce, reports. The bank claimed that the sugar refiner “dishonestly and fraudulently redirected” a Rs 1.48-billion-loan endorsed in 2011 for financing cane farmers for private use, an announcement issued by CBI said. This is the second case in three days enrolled by the CBI upon complaints from the Oriental Bank of Commerce. The police has registered a case against a few top officials of Simbhaoli Sugar, including its chairman and managing director, chief executive and chief financial officer, some unknown bank officials, and other private persons. Furthermore, a week ago, the CBI likewise booked Dwarka Das Seth International Pvt Ltd for the alleged fraud of Rs 389.85 crore towards the state-run bank. At 09:30 hrs Simbhaoli Sugars was quoting at Rs 14.10, down Rs 2.75, or 16.32 percent. It has touched a 52-week low of Rs 13.50. In the interim, Oriental Bank of Commerce was citing at Rs 96.50, down Rs 9.25, or 8.75 percent. It has touched a 52-week low of Rs 96.20.