MP-based company booked for alleged Rs-938 crore SBI loan fraud

The factory and registered office of the company in Morena, alongside with its other premises in Delhi, were searched by the agency on Friday.

Published: 22nd August 2020 05:29 PM  |   Last Updated: 22nd August 2020 05:29 PM   |  A+A-

CBI, Central Bureau of Investigation

Image used for representational purpose (File Photo)


NEW DELHI: The CBI has booked KS Oils Ltd, a company based in Madhya Pradesh's Morena, and its directors, including 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 said Friday.

The factory and registered office of the company in Morena, residences of Garg and another Director Saurabh Garg and its office at Barakhamba Road, New Delhi were searched by the agency on Friday, they said.

Another director of the company Devesh Agarwal has also been booked by the CBI but no searches were carried out at his premises, they said.

"It was alleged that the findings of the forensic audit indicated that the financials of 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 said.


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