Loan fraud: CBI files FIR against textile major

New Delhi, July 17

The CBI today said it had booked textile major S Kumars Nationwide Ltd for allegedly indulging in loan fraud and cheating Union Bank of India worth over Rs 160 crore.

Officials said they acted on a bank complaint that alleged that the company and its promoters and directors, including Managing Director Nitin Kasliwal and directors Vijay Goverdhandas Kalantri, Anil Kumar Channa, Rajinder Krishan Garg and Jagadeesh Sanjeeva Reddy, indulged in fraudulent transactions causing a loss to the bank.

The firm had availed various credit facilities from the bank, which turned into a non-performing asset in 2013, and the account was declared “fraud” in 2020 after an audit. — TNS