The Central Bureau of Investigation (CBI) on Tuesday carried out multiple raids simultaneously at the premises of Parekh Aluminex Ltd (PAL), a city-based aluminium foil manufacturing firm, which allegedly defrauded nearly two dozen PSUs of Rs 2,500 crore.

The raids were conducted at the premises of PAL's direct beneficiaries, including Kirti Kedia of Transcon Developers, Kamlesh Kanungo of Trisons industry and J K Shah (director of a money-lending firm).