IDBI Bank Files a CBI Complaint of Rs 1245 Cr Fraud

The Central Bureau of Investigation (CBI) said that they have registered a case of a Rs 1,245 crore bank loan fraud on complaint from IDBI Bank Ltd, against a Mumbai-headquartered private company having its manufacturing units at Madhya Pradesh, and Gujarat, and 14 others including its promoters/directors, unknown public servants, and others.

The FIR was lodged against S. Kumars Nationwide Ltd (SKNL), having its manufacturing units at Dewas (MP), Jhagadia Industrial Estate, Bharuch (Gujarat) and registered office at Mumbai and 14 others.

The CBI also conducted searches at thirteen locations including in Maharashtra, Gujarat, and West Bengal at the premises of the accused which led to recovery of incriminating documents.

S. Kumars Nationwide Ltd (SKNL), engaged in the business of manufacturing of high value fine cotton fabrics and home textiles, its Promoters, Directors, in conspiracy with others, committed fraud by availing various credit, and loan facilities from a consortium of banks led by IDBI Bank Ltd and diverting bank funds during the period 2012 to 2018, and thereby caused loss of Rs 1,245.15 crore to the banks.

The complaint was filed by the IDBI Bank Ltd and also on behalf of four other member banks of the consortium, namely, the Central Bank of India, the Jammu & Kashmir Bank Ltd, the Punjab National Bank, and the Indian Bank