Mumbai/New Delhi, Dec 12 (IANS): The Central Bureau of Investigation (CBI) has raided a leading Mumbai jeweller, P&S Jewellery Ltd. and its directors for allegedly defrauding several banks to the tune of Rs 568 crore, official sources said.

The CBI raided the company's 13 official and residential premises in Mumbai, Lonavala on Thursday and seized various incriminating documents. Further searches are underway.

Following a complaint lodged by a bank, the CBI has booked the three directors: Paresh Chhabildas Shah, Sahil Paresh Shah and Viraj Chetan Shah under various sections of the IPC and PCA.

According to the CBI, P&S Jewellery Ltd allegedly availed cash credit facilities to the tune of Rs 578.50 crore under a consortium banking arrangement from eight public sector banks.

They are State Bank of India, Union Bank of India, Bank of Baroda, Andhra Bank, Vijaya Bank, Central Bank of India, Canara Bank and Syndicate Bank.

The trio cheated these banks by forgeries, using fake documents as genuine, etc, causing a total loss of around Rs 568 crore to these public sector banks.