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New Delhi:
The CBI has charged KS Oils Ltd, a corporation based in Madhya Pradesh’s Morena, and its directors, along with Managing Director Ramesh Chandra Garg, for alleged Rs 938-crore mortgage fraud involving the State Bank of India (SBI) and carried out searches at 5 locations, officers said Friday.
The manufacturing facility and the registered office of the company in Morena, residences of Ramesh Chandra Garg and one different director Saurabh Garg and the company’s office in Delhi’s Barakhamba Road have been searched by the corporate on Friday, they said.
Another director of the company Devesh Agarwal has moreover been charged by the CBI nevertheless no searches have been carried out at his premises, they said.
“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,” CBI Spokesperson RK Gaur said.
(Except for the headline, this story has not been edited by NDTV staff and is revealed from a syndicated feed.)
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