MP-based company booked for Rs-938 crore SBI loan fraud
Recently, the CBI has booked KS Oils Ltd, a company based in Madhya Pradesh’s Morena, and its directors, with the inclusion of Managing Director Ramesh Chandra Garg, for alleged Rs-938 crore loan fraud in State Bank of India (SBI) and carried out searches at five locations, officials mentioned Friday.
Residences of Garg and another Director Saurabh Garg and its office at Barakhamba Road, New Delhi; the factory and registered office of the company in Morena, were searched by the agency on Friday, they said.
They further stated that another director of the company Devesh Agarwal has also been booked by the CBI but no searches were carried out at his premises.
"It was alleged that the findings of the forensic 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,” CBI Spokesperson RK Gaur mentioned additionally.