Bank fraud: CBI books S Kumars’ promoters, searches 13 places

The Central Bureau of Investigation (CBI) on Wednesday searched 13 places in Maharashtra, Gujarat and West Bengal of the promoters and administrators of S Kumars Nationwide Ltd (SKNL), in reference to a financial institution fraud of Rs 1,245 crore.

In a press release, the CBI stated it has registered an FIR in opposition to SKNL and 14 others, together with its promoter Nitin Kasliwal and a number of other different administrators together with Vijay Kalantri following a criticism from IDBI Bank Ltd.

As per the CBI, the criticism alleged that “SKNL and its promoters and directors in conspiracy with others committed fraud by availing various credit/ loan facilities from a consortium of banks and misusing/diverting the bank funds during … 2012 to 2018”.

The company stated SKNL has induced a lack of roughly Rs 1,245.15 crore to the consortium of lenders. Apart from IDBI Bank, the consortium contains Central Bank of India, The Jammu & Kashmir Bank Ltd, Punjab National Bank and Indian Bank.

This will not be the primary CBI case in opposition to SKNL and its promoters. Last July, it registered a case in opposition to the corporate for allegedly
defrauding Union Bank of India for Rs 160 crore. SKNL and its subsidiaries have come underneath the scanner of a number of investigating companies, together with the Serious Fraud Investigation Office.