Big action against textile company S Kumars in loan fraud case, Rs 1245 crore case registered
CBI spokesperson RC Joshi said that after the FIR was registered against the company and others, the CBI raided 13 different locations in Maharashtra, Gujarat and Bengal. All these hideouts belong to the accused and some incriminating papers have also been recovered from these places.
The Central Bureau of Investigation (CBI) has taken a big action. The CBI has registered a loan fraud case of Rs 1,245 crore against textile manufacturer S Kumars Nationwide Limited (SKNL). According to the CBI, after the FIR was registered against the company, the central agency raided 13 locations simultaneously on Wednesday. Search operations were conducted at different locations in Maharashtra, Gujarat and Bengal. All these whereabouts are related to the accused. Some ‘objectionable documents’ were received from these bases.
A report in ‘PTI’ says that a case has been registered against S Kumars Nationwide Limited and 14 other accused in the loan fraud case. A case has also been registered against the promoters and directors of the company. There is a case of alleged bank fraud of Rs 1,245 crore against all of them. CBI officials gave this information.
What did the CBI say?
CBI spokesperson RC Joshi said that after the FIR was registered against the company and others, the CBI raided 13 different locations in Maharashtra, Gujarat and Bengal. All these hideouts belong to the accused and some incriminating papers have also been recovered from these places. He said that the company is engaged in the business of manufacturing high value fine cotton fabrics and home textiles. The company had taken loan from a consortium of banks led by IDBI Bank.
CBI spokesperson RC Joshi said the promoters/directors of the company were booked for allegedly “misusing/diverting bank funds during the period 2012 to 2018”, resulting in a loss of about Rs 1,245.15 crore to the banks . “The complaint was lodged by IDBI Bank Ltd and four other member banks of the consortium, Central Bank of India, The Jammu and Kashmir Bank Ltd, Punjab National Bank and Indian Bank,” he said.
what is the matter
In the same case, the CBI has registered a case against SKNL and 14 others including its promoters and directors on the complaint of IDBI Bank Ltd., Colaba, Mumbai. According to the allegation, S Kumar Company had taken loan from a consortium (consortium) of banks led by IDBI Bank. The other four member banks of the consortium are Central Bank of India, The Jammu and Kashmir Bank Limited, Punjab National Bank and Indian Bank.
M/s S Kumars Nationwide Limited (SKNL) has its manufacturing units at Dewas (MP). The other accused are named Jhagadia Industrial Estate, Bharuch (Gujarat) with its registered office in Mumbai (Maharashtra). A case has also been registered against its promoters/directors/private persons.
