New Delhi, August 22
The Central Bureau of Investigation (CBI) immediately registered a case towards Morena-based KS Oils Ltd, its administrators and others in reference to an alleged Rs 938.81 crore SBI financial institution mortgage fraud. It additionally carried out searches at 5 areas.
The premises that had been searched included the manufacturing facility and the registered firm workplace in Morena, residences of Managing Director Ramesh Chandra Garg and one other director Saurabh Garg and its workplace on Barakhamba Road, New Delhi, company officers mentioned.
Another firm director Devesh Agarwal has additionally been booked by the CBI.
CBI spokesperson RK Gaur mentioned, “The SBI in its complaint alleged that the findings of the audit indicated that the financials of the company while applying for loan facilities were inflated. It was further alleged that the loan amount was misappropriated through fraudulent diversion.” — TNS