The Central Bureau of Investigation on Monday conducted searches in Delhi, Uttar Pradesh, Haryana and Rajasthan in connection with a case against Kwality Limited and others, alleging that they cheated a Bank of India-led consortium of more than ₹1,400 crore.
Apart from the Delhi-based company, those named in the FIR are Sanjay Dhingra, Siddhant Gupta and Arun Srivastava. “Searches were carried out at eight locations in Delhi, U.P.’s Saharanpur and Bulandshahr, Ajmer in Rajasthan and Palwal in Haryana,” said a CBI official.
“The accused cheated the Bank of India-led consortium comprising Canara Bank, Bank of Baroda, Andhra Bank, Corporation Bank, IDBI Bank, Central Bank of India, Dhanlaxmi Bank and Syndicate Bank to the tune of ₹1400.62 core by way of diversion of funds, sham transactions with related parties, fabricated documents and creation of false assets/liabilities,” the official said.
The fraud came to light after a forensic audit was conducted for a period of three years, from October 2015 to June 2018.
