India's Central Bureau of Investigation (CBI) is pressing charges related to letter of credit (L/C) frauds against a prominent but controversial business mogul.

Manoj Jayaswal, who is already facing criminal charges related to the award of coal mining licenses, is alleged to have used fraudulent L/Cs to obtain the equivalent of around US$44 million.

Bank complaints

After raiding Jayaswal's home and offices, the CBI has filed charges against the businessman and others, accusing them of fraudulent use of L/C facilities.

The offences took place between 2011 and 2013 and caused losses for Canara Bank and Vijaya Bank.

The CBI investigations were prompted by complaints from the banks.

Losses

Amongst the others facing charges for criminal conspiracy in the case are Jayaswal's son, Abhishek Jayaswal.

The CBI said the accused cheated Canara Bank of around US33 million and Vijaya Bank of some US$11 million.

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