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A CBI group on Saturday raided a number of areas in Madhya Pradesh’s Morena over a financial institution fraud case, involving an oil agency. A First Information Report or FIR was filed towards the administrators of the oil agency – KS Oils Limited – within the alleged Rs 983 mortgage rip-off.
Searches have been carried out in Delhi too. The agency has manufacturing crops in Morena, Ratlam and Guna in Madhya Pradesh, Kota in Rajasthan and West Bengal’s Haldia.
Two administrators of the agency – Saurabh Garg and Devesh Agarwal – are named within the criticism.
An official launch of the CBI, spokespeson RK Gaur stated: “It was alleged that the forensic audit findings indicated that the financials of the company, while applying for loan, were inflated, and that the loan amount was misappropriated through fraudulent diversion.”
“Financials of the oil firm were inflated. In 2015, banks tried to recover their loss by auctioning their assets under the SARFAESI Act but failed due to unsatisfactory response to the bidding process,” it added.
The manufacturing unit and the registered workplace of the corporate in Morena, residences of Ramesh Chandra Garg and one other director Saurabh Garg and the corporate’s workplace in Delhi’s Barakhamba Road have been searched by the company on Friday, officers stated.
The mortgage fraud is linked to the State Bank of India.
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