The Central Bureau of Investigation (CBI) carried out raids on the offices of the UB Group on Monday with regard to a money laundering case.
"A CBI team visited the UB Group offices in Bangalore today and we are fully cooperating with them," a UB group spokesperson said in a statement. He did not give further details.
According to sources, the CBI is conducting the raids in connection with a money laundering case. Last week, the debt recovery tribunal in its judgment directed the UB Group to pay around Rs 6,000 crore said to the SBI-led consortium. It has also directed the group to pay interest of 11.5 per cent on the total amount from the date of filing the original application.