S Kumars’ promoters and directors booked for fraud

14 April 2022, Mumbai:

Fourteen promoters and directors of textiles major S Kumars Nationwide have been booked for an alleged bank fraud worth Rs 1,245 by the CBI.

The Central investigation agency conducted a search in 13 of the company’s locations in Maharashtra, Gujarat, and West Bengal and recovered incriminating documents from there.

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As per these documents, the manufacturer of high-value cotton fabrics and home textiles had availed credit from a consortium of banks led by the IDBI bank.

The promoters and directors of the company have been booked for misusing the bank’s funds from 2012 to 2018, causing a Rs 1,245.15 crore loss to the banks.

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The complaint was filed by the IDBI Bank on behalf of four other member banks of the consortium, namely, Central Bank of India, Jammu & Kashmir Bank, PNB, and Indian Bank, as per RC Joshi, a CBI spokesperson.

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