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CBI files FIR against S Kumars in bank fraud case

Jul 21, 2021
CBI files FIR against S Kumars in bank fraud case

Delhi

CBI has filed an FIR over alleged bank fraud by S Kumars who is a textile major and has been accused of duping the Union Bank of India with Rs 1.6 billion. The Union Bank of India had offered various credit facilities to the textile major. The credit facilities which turned into non-performing assets in 2013 were declared as a fraud in 2020.

As per the reports, a lender of the bank has launched a case against the company and its promoters. The investigative agency has filed a case against Nitin Kasliwal, Vijay Goverdhandas Kalantri, Anil Kumar Channa, Rajinder Krishan Garg, and Jagadeesh Sanjeeva Reddy who are reported to conduct fraudulent transactions.

As per the FIR by CBI, the borrower company and its directors have caused a loss of Rs 1.6 billion to the bank and have used this money for their own gains during the period 2013-2018. The directors have conspired with each other and other unidentified officials to defraud the bank. The bank has requested the auditors to look into the matter.

Source – Live Mint

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