New Delhi, Aug 31 (PTI) A special court has ordered attachment of three prime properties of former directors of dairy major Kwality Ltd facing Rs 1400 crore bank fraud charges on a plea of the CBI, officials said Wednesday. The court had ordered properties in posh Vasant Vihar, Punjabi Bagh East and Basai Dara pur village valued at around Rs 40 crore to be attached, they said. The special CBI court has ordered the sub-registrar not to allow transfer or registration of these properties to anyone on an application filed by it.
The application had sought attachment of the properties which were procured during 2015-18 when the company had allegedly started default of loan payments, they said. The agency had booked Kwality Ltd and its directors in September, 2020 for allegedly cheating a consortium of 10 banks, led by the Bank of India, of over Rs 1,400 crore through bloating of financial statements and diversion of loan funds.
The CBI has registered the case against Kwality Ltd. — which started as an ice-cream manufacturing company and diversified into milk-based products — and its directors Sanjay Dhingra, Siddhant Gupta, Arun Srivastava besides other unidentified persons, they said.
The agency had acted on a complaint by the Bank of India. PTI ABS ZMN
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Source: The Print
