CBI conducted searches at the company's Delhi office as well
The CBI has charged KS Oils Ltd, a company based in Madhya Pradesh's Morena, and its directors, including Managing Director Ramesh Chandra Garg, for alleged Rs 938-crore loan fraud involving the State Bank of India (SBI) and carried out searches at five locations, officials said Friday.
The factory and the registered office of the company in Morena, residences of Ramesh Chandra Garg and another director Saurabh Garg and the company's office in Delhi's Barakhamba Road were searched by the agency on Friday, they said.
Another director of the company Devesh Agarwal has also been charged by the CBI but no searches were 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.
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