A fraud case was filed against the Kwality Wall's Company by CBI
Delhi based private sector dairy company Kwality Ltd is alleged of fraud by the Central Bureau of Investigation ( CBI ).
Its directors Sanjay Dhingra, Siddhant Gupta, Arun Srivastava have been included in the case with some other unknown people. The company was accused of Rs 1,400 crore fraud.
CBI documented the case after receiving a complaint from Bank of India. The investigating agency is conducting searches at eight regions including Delhi, Bulandshahr, Ajmer, and Pawal.
“It was alleged in the complaint that the said accused had cheated the Bank of India-led consortium comprising BOI (lead bank), Canara Bank, BoB, Andhra Bank, Corporation Bank, IDBI, Central Bank of India, Dhanlaxmi Bank, Syndicate Bank to the tune of Rs.1400.62 Crores (approx.),” CBI spokesperson RK Gaur said.
The banks in their complaint stated that Kwality Ltd duped them by ways of byways of diversion of bank funds, sham transactions with related parties, fabricated documents/receipts, falsified books of accounts, and creation of false assets and liabilities.