NEW DELHI: The Central Bureau of Investigation (CBI) registered a case against textile and apparel manufacturer S. Kumars Nationwide Limited (SKNL) and its officials in a Rs 1,245 crore bank fraud case and carried out searches at 13 locations, it said on Wednesday.
The company has manufacturing units in Madhya Pradesh’s Dewas, Jhagadia Industrial Estate in Gujarat’s Bharuch. The registered office of the manufacturer is in Mumbai, Maharashtra.
The CBI has named SKNL promoters, directors and 14 private persons, and unknown public servants on the complaints of IDBI Bank.
In its complaint, the bank alleged that SKNL was engaged in the business of manufacturing high-value fine cotton fabrics and home textiles.
SKNL and its promoters, directors in conspiracy with others committed fraud by availing various credit or loan facilities from a consortium of banks led by IDBI Bank Ltd and misused or diverted the bank funds between 2012 and 2018, thereby causing a loss of Rs 1245.15 crore to the banks, a CBI spokesperson said here.
The official said that the complaint was filed by the IDBI Bank Ltd and also on behalf of four other lenders of the consortium — Central Bank of India, Jammu & Kashmir Bank Ltd, Punjab National Bank, and Indian Bank.
The agency stated that it carried out searches at the premises of the accused at 13 locations including in Maharashtra, Gujarat, and West Bengal which led to the recovery of incriminating documents.