This story is from September 21, 2020

CBI searches against dairy products firm over Rs 1,400-crore bank fraud

CBI carried out searches at eight locations in Delhi, Uttar Pradesh, Rajasthan and Haryana over alleged bank fraud to the tune of Rs 1,400 crore by a private company.A CBI spokesperson here said that the multiple agency team carried out searches in Delhi, Uttar Pradesh's Saharapur, Bulandshahr, Haryana's Palwal and Rajasthan's Ajmer on the premises of Delhi-based Kwality Ltd, Sanjay Dhingra, Siddhant Gupta, Arun Srivastava and other unknown persons.
CBI conducts searches against dairy products firm over Rs 1,400-crore bank fraud
File: CBI headquarters in Delhi
NEW DELHI: The CBI on Monday conducted searches at eight locations after booking Delhi-based dairy products company Kwality Ltd and its directors for allegedly cheating a Bank of India-led consortium, causing a loss of over Rs 1,400 crore, officials said.
The CBI has registered the case against Kwality Ltd and its directors Sanjay Dhingra, Siddhant Gupta, Arun Srivastava besides other unidentified persons, they said.

"It was alleged in the complaint that the said accused had cheated the Bank of India-led consortium comprising BOI (lead bank), Canara Bank, BoB, Andhra Bank, Corporation Bank, IDBI, Central Bank of India, Dhanlaxmi Bank, Syndicate Bank to the tune of Rs.1400.62 core (approx.)," CBI spokesperson RK Gaur said.
They allegedly cheated the banks by way of “diversion of bank funds, sham transactions with related parties, fabricated documents/receipts, falsified books of accounts” and created false assets and liabilities etc, Gaur said.
The searches were conducted Monday at eight locations including at Delhi, Saharanpur, Bulandshahr (Uttar Pradesh), Ajmer (Rajasthan), Palwal (Haryana) etc on the premises of the private company and other accused.
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