The Central Bureau of Investigation (CBI) on September 21 said it has registered a case against Delhi-based private company Kwality and its directors, among others, on allegations of causing a loss of approximately Rs 1,400.62 crore to a consortium of banks led by Bank of India.
The company's directors Sanjay Dhingra, Siddhant Gupta, and Arun Srivastava have been named in the complaint along with other unknown persons.
The case was filed following a complaint by Bank of India.
The probe agency said searches are underway at eight locations, including the premises of the private company and other accused across Delhi, Saharanpur, Bulandshahr, Ajmer and Palwal.
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Other banks involved the in the case are Canara Bank, Bank of Baroda, Andhra Bank, Corporation Bank, IDBI, Central Bank of India, Dhanlaxmi Bank and Syndicate Bank., Hindustan Times reported.
Last week, the CBI booked a Mumbai-based private firm, Ess Dee Aluminium (EDAL), and others on allegations of defrauding State Bank of India (SBI) of over Rs 338 crore.
According the Reserve Bank of India's (RBI's) annual report, a total of 8,707 bank frauds involving a total of over Rs 1.85 lakh crore were detected during 2019-20, against 6,799 cases involving Rs 71,543 crore in the previous year.
Additionally, an RTI response revealed that public sector banks (PSBs) reported frauds worth over Rs 19,964 crore in 2,867 cases during the April-June quarter of the ongoing fiscal year.
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