Cbi Books Textile Major S Kumars in Rs 1,245 Crore loan fraud case

The CBI has hired textile giant S Kumars Nationwide Ltd (SKNL) and 14 others, including its promoters and directors, for suspected bank fraud worth Rs 1,245 crore, officials said on Wednesday.

Following the FIR registration, the central agency on Wednesday searched 13 locations in Maharashtra, Gujarat and West Bengal linked to the accused and recovered “incriminating materials”, the CBI spokesperson said, RC Joshi.

He said the company is engaged in manufacturing fine cotton fabrics and high-value home textiles.

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The company had benefited from a loan from a consortium of banks led by the IDBI bank. Joshi said that the company’s promoters/directors were accused of “misusing/embezzling bank funds during the period 2012 to 2018” which resulted in a loss of around Rs 1,245.15 crore for banks.

“The complaint was filed by IDBI Bank Ltd. as well as on behalf of four other member banks of the consortium, namely Central Bank of India, Jammu & Kashmir Bank Ltd., Punjab National Bank and Indian Bank,” did he declare.

(Edited by : Jomy Jos Pullokaran)

First post: STI


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