The Central Bureau of Investigation (CBI) has registered a case against eight accused including three private companies based at Cuttack and Bhubaneswar city of Odisha in connection with a bank fraud case involving Rs 21 crore.

The case has been filed against three private companies -- partners, guarantors/proprietors of private companies and unknown officials of Bank of Baroda and unknown others on the allegations of Bank fraud.

The case was registered based on a complaint from Bank of Baroda Cuttack in Odisha, the CBI said in a press statement on Tuesday.

It was alleged that the accused had availed various credit limits including fund based working capital (FBWC) limit from Bank of Baroda in conspiracy with others and cheated the Bank, causing loss to the Bank to the tune of Rs 20.99 crore with interest (as on August 31, 2021), during the year from 2011 to 2017, the agency said.

The accused also diverted the funds disbursed to the respective loan accounts and misappropriated the public money in the form of loan amount sanctioned to them.