trendingNowenglish2453469https://zeenews.india.com/companies/textile-major-s-kumars-booked-by-cbi-in-rs-1245-crore-loan-fraud-case-2453469.html
News> Companies
Advertisement

Textile major S Kumars booked by CBI in Rs 1,245 crore loan fraud case

Following registration of the FIR, the central agency on Wednesday searched 13 locations in Maharashtra, Gujarat and West Bengal linked to the accused and recovered "incriminating documents", CBI Spokesperson RC Joshi said.

Textile major S Kumars booked by CBI in Rs 1,245 crore loan fraud case

New Delhi: The CBI has booked textiles major S Kumars Nationwide Limited (SKNL) and 14 others including its promoters and directors for an alleged bank fraud worth Rs 1,245 crore, officials said Wednesday (April 13). Following registration of the FIR, the central agency on Wednesday searched 13 locations in Maharashtra, Gujarat and West Bengal linked to the accused and recovered "incriminating documents", CBI Spokesperson RC Joshi said.

He said the company was engaged in the business of manufacturing high-value fine cotton fabrics and home textiles. The company had availed credit from a consortium of banks led by IDBI bank. Joshi said promoters/directors of the company were booked for allegedly "misusing/diverting the bank funds during the period 2012 to 2018" which resulted in loss of about Rs 1,245.15 crore to the banks.  

"The complaint was filed by the IDBI Bank Ltd. And also on behalf of four other member banks of the consortium, namely, Central Bank of India, The Jammu & Kashmir Bank Ltd., Punjab National Bank and Indian Bank," he said

Live TV

Stay informed on all the latest news, real-time breaking news updates, and follow all the important headlines in india news and world News on Zee News.

Read More
NEWS ON ONE CLICK