The CBI has booked textile giant 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 on Wednesday.
After registering the FIR, the central agency searched 13 sites in Maharashtra, Gujarat and West Bengal on Wednesday associated with the accused and recovered “incriminating documents,” CBI spokesman RC Joshi said.
He said the company was engaged in the production of high-quality fine cotton fabrics and home textiles.
The company had used credit from a consortium of banks led by IDBI bank.
Joshi said promoters/directors of the company were booked for alleged “misuse/diversion of the bank funds in 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 also on behalf of four other banks that are members of the consortium, namely Central Bank of India, The Jammu & Kashmir Bank Ltd., Punjab National Bank and Indian Bank,” he said.
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