The Central Bureau of Investigation (CBI) has registered FIR against top officials of Madhya Pradesh based KS Oils ltd. Officials said directors of the oil company in Morena are allegedly involved in Rs 938 crore load fraud with the State Bank on India (SBI). Following the FIR, teams of investigating agencies also carried out raids at five locations.
“It was alleged that the findings of the forensic audit indicated that the financials of the company while applying for loan facilities were inflated. It was further alleged that the loan amount was misappropriated through fraudulent diversion,” said a CBI Spokesperson.
A senior CBI official said that the searches were conducted at four locations in Morena including the residential and official premises of Managing Director Ramesh Chand Garg and promoter Saurabh Garg. Another director of the company Devesh Agarwal has also been charged by the CBI but no searches were carried out at his premises.
The official said the agency registered a case against KS Oils, based at Morena and others including its MD, Promoter, Director and unknown others on a complaint from SBI regarding a bank fraud of Rs 938.81 crore.
CBI books directors of KS Oils Ltd for Rs 938.81 cr banking fraud
