Jag Mohan Garg, Chairman & Managing Director of Tirupati Infraprojects Pvt. Ltd, has been arrested for allegedly defrauding a consortium of banks of Rs 289.15 crore. The fraud caused losses to Bank of India, Union Bank of India, Canara Bank, Bank of Baroda & UCO Bank. The Central Bureau of Investigation (CBI) conducted searches at Garg s premises earlier, where several incriminating documents were recovered. Garg has been remanded to police custody until July 17, 2023.