The CBI has booked KS Oils Ltd, an organization based mostly in Madhya Pradesh’s Morena, and its administrators, together with Managing Director Ramesh Chandra Garg, for alleged Rs 938-crore mortgage fraud in State Financial institution of India (SBI) and carried out searches at 5 places, officers mentioned Friday.
The manufacturing unit and registered workplace of the corporate in Morena, residences of Garg and one other director Saurabh Garg and its workplace at Barakhamba Highway, New Delhi had been searched by the company on Friday, they mentioned.
One other director of the corporate Devesh Agarwal has additionally been booked by the CBI however no searches had been carried out at his premises, they mentioned.
“It was alleged that the findings of the forensic audit indicated that the financials of the corporate whereas making use of for mortgage services had been inflated. It was additional alleged that the mortgage quantity was misappropriated via fraudulent diversion,” CBI Spokesperson RK Gaur mentioned.