The Central Bureau of Investigation has filed a case against Avon Steel Industries for allegedly defrauding Steel Authority of India Limited of ₹370 crore. The fraud involved manipulated supply contracts & misrepresented financial statements over multiple years. CBI believes unknown SAIL officials may have facilitated these fraudulent transactions. The investigation will include comprehensive questioning of senior management & forensic audits. Avon Steel's recent financial filings show significant losses, raising further suspicions about the company's operations.