CBI alleges Rs 1,245 crore bank fraud on textile major

The company allegedly misappropriated/diverted bank funds from 2012 to 2018. (agent)

New Delhi: The CBI has registered a case against textile major S Kumars Nationwide Ltd (SKNL) and 14 others, including its promoters and directors, for alleged bank fraud of Rs 1,245 crore.

CBI spokesperson RC Joshi said that following the registration of the FIR, the central agency on Wednesday searched 13 places in Maharashtra, Gujarat and West Bengal and recovered “defamatory documents” linked to the accused.

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.

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 filed 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.

(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)


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