InvestorQ : Why has CBI booked KS Oils directors?
Ria Jain made post

Why has CBI booked KS Oils directors?

Answer
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Dia Deshpande answered.
4 weeks ago


CBI has booked Madhya Pradesh based K S Oils and its directors for Rs.938-crore loan fraud pertaining to loans taken from SBI. Searches were carried out by officials at the factory locations as well as at its offices in Barakhamba Road, New Delhi.

Apparently, the findings of the forensic audit indicated that the company had applied for loan facilities using inflated financial statements. In addition, it is also suspected that the loan amount was misappropriated through fraudulent diversion.