Bank fraud: CBI books S Kumars’ promoters, searches 13 locations

The CBI in a statement said that it has registered an FIR against the SKNL and 14 others, including its promoter Nitin Kasliwal, following a complaint from the IDBI Bank Ltd.

The Central Bureau of Investigation (CBI) on Wednesday searched 13 locations in Maharashtra, Gujarat and West Bengal of the promoters and directors of S Kumars Nationwide Ltd (SKNL), in connection with a bank fraud of Rs 1,245 crore.

In a statement, the CBI said it has registered an FIR against SKNL and 14 others, including its promoter Nitin Kasliwal and several other directors including Vijay Kalantri following a complaint from IDBI Bank Ltd.

As per the CBI, the complaint alleged that “SKNL and its promoters and directors in conspiracy with others committed fraud by availing various credit/ loan facilities from a consortium of banks and misusing/diverting the bank funds during … 2012 to 2018”.

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The agency said SKNL has caused a loss of approximately Rs 1,245.15 crore to the consortium of lenders. Apart from IDBI Bank, the consortium includes Central Bank of India, The Jammu & Kashmir Bank Ltd, Punjab National Bank and Indian Bank.

This is not the first CBI case against SKNL and its promoters. Last July, it registered a case against the company for allegedly
defrauding Union Bank of India for Rs 160 crore. SKNL and its subsidiaries have come under the scanner of multiple investigating agencies, including the Serious Fraud Investigation Office.

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loan fraud

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