The bank alleges that the company and its promoters and directors, including managing director Nitin Kasliwal and directors Vijay Govardhandas Kalantri, Anil Kumar Channa, Rajinder Krishna Garg and Jagdish Sanjeeva Reddy, are involved in this fraud.
The Central Bureau of Investigation (CBI) has registered a case against S Kumars Nationwide Ltd., a major textile sector company, for cheating Union Bank of India. This case is of fraud of more than Rs 160 crore.
The CBI has registered this case after the complaint of the bank. The bank alleges that the company and its promoters and directors, including managing director Nitin Kasliwal and directors Vijay Govardhandas Kalantri, Anil Kumar Channa, Rajinder Krishna Garg and Jagdish Sanjiva Reddy, are involved in this fraud.
Loan turned into NPA
According to the bank, S Kumars Nationwide had taken several loan facilities from the bank, which turned into Non-Performing Assets (NPA) in 2013. This account was declared ‘fraudulent’ in 2020 after a forensic audit by KPMG.
The bank says that the company has shown 94 percent of its sales to select distributors only and at a much discounted rate by writing off receivables from customers and suspicious resale transactions to the same customer.
Bank was duped of 160 crores
In the FIR, the bank has alleged that the company and its directors wrongly caused a loss of Rs 160.68 crore to the bank during the period 2013-2018 and made profit themselves.
It said that the directors named in the FIR in connivance and conspiracy with each other and unidentified officials defrauded the bank by taking grounds for commission of various cognizable and non-cognizable offences.
Company was established in 1948
Let us tell you that S Kumars was established in 1948. The company has provided good quality fabric at an affordable price. S Kumars is a well-known name in shooting and shirting. For over 70 years the brand has maintained its place in the hearts of people.
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