Textiles major S Kumars Nationwide Limited (SKNL) and 14 others – including its promoters and directors – have been booked by the Central Bureau of Investigation (CBI). This is regarding the alleged bank fraud worth Rs. 1,245 crore.
The company was engaged in the business of manufacturing high-value fine cotton fabrics and home textiles.
Following FIR, the CBI searched 13 locations in Maharashtra, Gujarat and West Bengal linked to the accused and recovered ‘incriminating documents’.
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.
As per RC Joshi, Spokesperson, CBI, the company had availed credit from a consortium of banks led by IDBI bank. The 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.