Newsbytes
  • India
  • Business
  • World
  • Politics
  • Sports
  • Technology
  • Entertainment
  • Auto
  • Lifestyle
  • Inspirational
  • Career
  • Bengaluru
  • Delhi
  • Mumbai
  • Videos
  • Visual Stories
  • Reviews
  • Phone Reviews
  • Fitness Bands Reviews
  • Speakers Reviews
  • Find Cricket Statistics
Hindi
More
In the news
Zomato
WhatsApp
SpiceJet
Reserve Bank Of India (RBI)
Bitcoin
Stock Market
Newsbytes
Hindi
Newsbytes
User Placeholder

Hi,

Logout


India
Business
World
Politics
Sports
Technology
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai
Videos
Visual Stories
Reviews
Phone Reviews
Fitness Bands Reviews
Speakers Reviews
Find Cricket Statistics

More Links
  • Videos

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
  • Youtube
 
Home / News / Business News / CBI files Rs. 1,400cr fraud case against dairy firm Kwality
Business

CBI files Rs. 1,400cr fraud case against dairy firm Kwality

CBI files Rs. 1,400cr fraud case against dairy firm Kwality
Written by Siddhant Pandey
Sep 21, 2020, 11:01 pm 2 min read
CBI files Rs. 1,400cr fraud case against dairy firm Kwality

The Central Bureau of Investigation (CBI) on Monday has filed a case of fraud against Kwality Ltd., one of the country's most popular dairy product makers. The firm allegedly defrauded a consortium of banks led by the Bank of India. The probing agency conducted searches at eight locations, including Delhi, where the firm's headquarters are located. Here are more details.

Details
CBI names directors Sanjay Dhingra, Siddhant Gupta, Arun Srivastava

The CBI has named Kwality's directors Sanjay Dhingra, Siddhant Gupta, and Arun Srivastava in connection with the fraud case. They have been charged with cheating, forgery, criminal conspiracy, and corruption, according to NDTV. Before filing the case, the probing agency had conducted searches in Delhi, Saharanpur and Bulandshahr in Uttar Pradesh, Ajmer in Rajasthan, Palwal in Haryana, among other locations.

Accusations
Kwality accused of diverting bank funds, sham transactions, etc.: CBI

The CBI registered the case based on Bank of India's complaint. The bank had alleged that Kwality had taken credit in 2010, but the firm started defaulting on payments early-2018. The CBI said the firm is accused of "diversion of bank funds, sham transactions with related parties, fabricated documents or receipts and falsified books of accounts" and creating false assets and liabilities.

Complaint
'Kwality overstated financial statements by bloating business operations'

The bank had stated in its complaint, "The forensic audit of the accounts showed that out of the total sale of Rs. 13,147.25 crore made by the company, only Rs. 7,107.23 crore was routed through the consortium of banks." It added, "[Kwality] overstated its financial statements by bloating its business operations and indulged in the manipulation of accounts by making reverse entries."

Information
Canara Bank, Bank of Baroda, Andhra Bank, etc., comprised consortium

CBI spokesperson RK Gaur told PTI that Kwality had allegedly cheated the consortium of banks comprising Bank of India, Canara Bank, Bank of Baroda, Andhra Bank, Corporation Bank, IDBI, Central Bank of India, Dhanalaxmi Bank, and Syndicate Bank, of Rs. 1400.62 crore.

Background
Kwality facing insolvency proceedings since 2018

Kwality Ltd. has been facing insolvency proceedings since December 2018. The firm, which used to be one of India's most popular ice-cream makers, owes roughly Rs. 1,900 crore to creditors. Global equity giant KKR had moved a bankruptcy plea against the dairy firm in 2018. Back in 2016, Kwality had raised Rs. 520 crore from KKR India Financial Services through a structured finance transaction.

Share this timeline
Facebook
Whatsapp
Twitter
Linkedin
Siddhant Pandey
Siddhant Pandey
Twitter
Siddhant Pandey covers national and health news at NewsBytes. He has over five years of experience working as a multimedia journalist covering hard news in New Delhi. He was previously employed with The Indian Express and News World India and has juggled roles as a correspondent, copy editor, and video producer. He holds a Bachelor’s degree in Biotechnology from the Jaypee Institute of Information Technology, Noida.
Latest
Kolkata Knight Riders (KKR)
Haryana
Central Bureau Of Investigation (CBI)
Rajasthan
Uttar Pradesh
Latest
5 health benefits of lemongrass you must know
5 health benefits of lemongrass you must know Lifestyle
Birthday girl Disha Vakani's movie appearances, where to watch them
Birthday girl Disha Vakani's movie appearances, where to watch them Entertainment
KKR appoint Chandrakant Pandit as head coach: Details here
KKR appoint Chandrakant Pandit as head coach: Details here Sports
Infinix Hot 12, with 50MP camera, debuts at Rs. 9,500
Infinix Hot 12, with 50MP camera, debuts at Rs. 9,500 Technology
BMW K 1600 range, R 1250 RT launched: Check features
BMW K 1600 range, R 1250 RT launched: Check features Auto
Kolkata Knight Riders (KKR)
Shah Rukh Khan buys Trinbago Knight Riders women's cricket team
Shah Rukh Khan buys Trinbago Knight Riders women's cricket team Entertainment
IPL 2022: Presenting the feats attained by Quinton de Kock
IPL 2022: Presenting the feats attained by Quinton de Kock Sports
IPL 2022: LSG qualify for playoffs after beating KKR
IPL 2022: LSG qualify for playoffs after beating KKR Sports
IPL 2022, KKR vs LSG: KL Rahul elects to bat
IPL 2022, KKR vs LSG: KL Rahul elects to bat Sports
IPL 2022, KKR vs LSG: Pitch report, stats, streaming details
IPL 2022, KKR vs LSG: Pitch report, stats, streaming details Sports
More News
Haryana
Truck driver accused of killing Haryana DSP arrested from Rajasthan
Truck driver accused of killing Haryana DSP arrested from Rajasthan India
5 national parks in Himachal Pradesh that shutterbugs must visit
5 national parks in Himachal Pradesh that shutterbugs must visit Lifestyle
India's richest woman: Savitri Jindal's net-worth triples in 2 years
India's richest woman: Savitri Jindal's net-worth triples in 2 years Business
Gurugram: Woman held captive, sexually assaulted for days in hotel
Gurugram: Woman held captive, sexually assaulted for days in hotel India
Haryana BJP's IT cell head sacked amid calls for arrest
Haryana BJP's IT cell head sacked amid calls for arrest India
More News
Central Bureau Of Investigation (CBI)
Cattle smuggling case: CBI arrests Mamata Banerjee's aide Anubrata Mondal
Cattle smuggling case: CBI arrests Mamata Banerjee's aide Anubrata Mondal India
Liquor policy: Sisodia seeks CBI probe into ex-LG's stance reversal
Liquor policy: Sisodia seeks CBI probe into ex-LG's stance reversal Delhi
DHFL Scam: AgustaWestland chopper seized in India's biggest bank fraud
DHFL Scam: AgustaWestland chopper seized in India's biggest bank fraud India
2 convicted for Dhanbad judge's murder exactly a year after
2 convicted for Dhanbad judge's murder exactly a year after India
ED files charge sheet against AAP minister Satyendar Jain
ED files charge sheet against AAP minister Satyendar Jain Politics
More News
Rajasthan
'Distressed' by Dalit boy's death, Rajasthan Congress MLA resigns
'Distressed' by Dalit boy's death, Rajasthan Congress MLA resigns India
5 best monsoon destinations of Rajasthan you must visit
5 best monsoon destinations of Rajasthan you must visit Lifestyle
Rajasthan: Dalit boy thrashed for touching 'upper caste' waterpot, dies
Rajasthan: Dalit boy thrashed for touching 'upper caste' waterpot, dies India
Rajasthan: Petrol pump offers discount on fuel against single-use plastic
Rajasthan: Petrol pump offers discount on fuel against single-use plastic India
Rajasthan students climb atop water tanks in protest: Here's why
Rajasthan students climb atop water tanks in protest: Here's why India
More News
Uttar Pradesh
Saharanpur man, tasked to kill Nupur Sharma, produced in court
Saharanpur man, tasked to kill Nupur Sharma, produced in court India
#NewsBytesExplainer: Why drought is looming over UP, Jharkhand and Bihar
#NewsBytesExplainer: Why drought is looming over UP, Jharkhand and Bihar India
UP, Maharashtra have highest liabilities: Freebies PIL reveals in SC
UP, Maharashtra have highest liabilities: Freebies PIL reveals in SC India
Economy losing serious money: Supreme Court slams freebies
Economy losing serious money: Supreme Court slams freebies India
Woman suicide: Family petitions Jaishankar to bring body from US
Woman suicide: Family petitions Jaishankar to bring body from US India
More News
Next News Article
Next News Article

Love Business news?

Subscribe to stay updated.

Business Thumbnail
India News Business News World News Politics News Sports News Technology News Entertainment News Auto News Lifestyle News Inspirational News
Career News Bengaluru News Delhi News Mumbai News Mukesh Ambani Indian Premier League (IPL) Karnataka Samsung Xiaomi West Bengal
Bihar Virat Kohli Rohit Sharma Haryana Narendra Modi Arvind Kejriwal Tamil Nadu Gujarat Yogi Adityanath YouTube
Instagram Hollywood News Uttar Pradesh Kerala Netflix Bollywood News Mamata Banerjee Maruti Suzuki Rahul Gandhi Elon Musk
Shah Rukh Khan Chelsea FC OPPO Akhilesh Yadav Indian Cricket Team Apple Manchester United Salman Khan Cryptocurrency OnePlus
Amitabh Bachchan ICC Women's World Cup Vivo India vs Sri Lanka
About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive IPL 2022 Schedule IPL 2022 Points Table Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin Youtube
All rights reserved © NewsBytes 2022