CBI Searches Eight Kwality Locations In Rs 1,400-Cr Bank Fraud Case

On Monday, CBI conducted searches of eight locations after hiring Delhi-based dairy company Kwality Ltd. and its directors for allegedly misleading a consortium led by the Bank of India, resulting in a loss of more than 1,400. million rupees, authorities said. The CBI has registered the case against Kwality Ltd and its directors Sanjay Dhingra, Siddhant Gupta, Arun Srivastava in addition to other unidentified persons, they said.

“In the complaint it was alleged that said defendant had misled the consortium led by the Bank of India which comprises BOI (main bank), Canara Bank, BoB, Andhra Bank, Corporation Bank, IDBI, Central Bank of India, Dhanlaxmi Bank, Syndicate Bank for a sum of Rs.1400.62 core (approx.), “Said CBI spokesman RK Gaur.

They allegedly misled the banks by “diversion of bank funds, fake related party transactions, fabricated documents / receipts, falsified account books” and created false assets and liabilities, etc., Gaur said.

Searches were carried out on Monday in eight locations including Delhi, Saharanpur, Bulandshahr (Uttar Pradesh), Ajmer (Rajasthan), Palwal (Haryana), etc. at the premises of the private company and other defendants.