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CBI books textile major S Kumars in Rs 1,245 cr loan fraud case

The company had availed credit from a consortium of banks led by IDBI bank.

India CSR by India CSR
in Business
Reading Time: 1 min read
CBI books textile major S Kumars in Rs 1,245 cr loan fraud case
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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.

Following the 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.

(India CSR)

Source: India CSR I 15 April 2022
Tags: CBILoan FraudMajor S KumarsSKNL

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India CSR is the largest media on CSR and sustainability offering diverse content across multisectoral issues on business responsibility. It covers Sustainable Development, Corporate Social Responsibility (CSR), Sustainability, and related issues in India. Founded in 2009, the organisation aspires to become a globally admired media that offers valuable information to its readers through responsible reporting.

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