New Delhi, Dec 30 (PTI) The CBI on Wednesday carried out searches at the premises of infrastructure firm IVRCL, its Managing Director E Sudhir Reddy and Joint Managing Director R Balarami Reddy who have been booked by the agency for an alleged fraud worth over Rs 4,800 crore against a consortium of banks, officials said.

The agency has booked the Hyderabad-based company and its directors on a complaint from the State Bank of India, CBI Spokesperson RC Joshi said.  "It was alleged that the accused in connivance with unknown public servants and others defrauded the consortium of public sector banks, consisting of State Bank of India, IDBI Bank, Canara Bank, Andhra Bank, Corporation Bank, EXIM Bank, Punjab & Sind Bank, Union Bank of India and caused a loss of Rs 4,837 crore to the banks," he said.

The CBI has alleged that the company had availed credit facilities from consortium members and cheated them by not repaying the loan amount.  "It was also alleged that as per the forensic audit report, the company made payments to related parties through letters of credit (LCs), without recording any purchase transactions in the books and routed the funds to the account of the company and thereby misappropriated the bank funds," Joshi said.

He said searches were conducted Wednesday at the residential and official premises of the accused at Hyderabad which led to recovery of several incriminating documents.