CBI searches 6 locations in Mumbai in Rs 1400-cr loan default case
The CBI has carried out searches at six locations in Mumbai in connection with a Rs 1,400-crore loan default allegedly by an aluminium foil manufacturing firm, officials said Thursday. The premises of Kamlesh Kanungo group, Kirti Kedia Group and JK Shah group were searched by the CBI officials as the Parekh Alumumium allegedly diverted to these firms a sizeable portion of Rs 1,400 crore loan taken from 22 banks.
Officials said the Parekh Alumumium availed of the loan from the 22 banks between 2004-12 and diverted a major portion of the fund to the three groups. Based on cases registered in 2017, the searches began earlier this week and completed Wednesday night, officials said.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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