The CBI Monday conducted searches at eight locations after booking Delhi-based dairy products company Kwality Ltd. and its directors for allegedly cheating a Bank of India-led consortium, causing a loss of over Rs 1,400 crore, officials said. The CBI has registered the case against Kwality Ltd and its directors Sanjay Dhingra, Siddhant Gupta, Arun Srivastava besides other unidentified persons, they said.
“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 core (approx.)," CBI spokesperson RK Gaur said.
They allegedly cheated the banks by way of diversion of bank funds, sham transactions with related parties, fabricated documents/receipts, falsified books of accounts and created false assets and liabilities etc, Gaur said. The searches were conducted Monday at eight locations including at Delhi, Saharanpur, Bulandshahr (Uttar Pradesh), Ajmer (Rajasthan), Palwal (Haryana) etc. on the premises of the private company and other accused.