The textile company booked in a loan fraud case
Textile major S Kumars Nationwide Ltd. has been booked by the CBI today for allegedly indulging in loan fraud and duping the United Bank of India out of Rs. 160 crores.
The officials acted on a bank complaint that alleged that the accused company and its promoters and directors, including Managing Director Nitin Kasliwal and Directors Vijay Goverdhandas Kalantri, Anil Kumar Channa, Rajinder Krishan Garg and Jagadeesh Sanjeeva Reddy were all involved in the fraud carried out, causing a loss to the bank.
The company’s account was labelled ‘fraud’ after an audit in 2020. It had acquired several credit facilities from the bank, which turned into a non-performing asset in 2013.
The FIR filed also alleges that the auditors of the company had investments in the company. Over 75% of the transactions of the company were found to be with non-operating entities.