Shakti Bhog’s CMD arrested
The Chairman and Chief Managing Director of Shakti Bhog company got arrested on Sunday. Shakti Bhog Foods ltd. is a Delhi based company. He has been arrested for alleged Multi crore Bank Loan fraud.
Kewal Krishan Kumar, CMD, Shakti Bhog has been sent to custody till July 9 under the Prevention of Money Laundering Act (PMLA). Before the arrest, nice of their premises were raided and a lot of crucial documentaries, hard copies as well as soft copies were collected as proof.
The FIR was filed for an alleged fraud of more than 3000 crore rupees taken from 10 different banks operating under the State Bank of India (SBI). A CBI complaint along with SBI’s complaint was registered. SBI says that the company falsely claimed that more than 3000 crore worth of its stock got damaged due to pests and were sold for extremely low prices.
The company is 24 years old and is mainly into manufacturing and selling biscuits, rice, wheat flour, etc. Over the past decade, it has grown considerably and expanded much. In 2008 it reported a turnover of rupees 1,411 crores while in 2014 it’s turnover reached 6,000 crores.