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CBI searches 6 locations in Mumbai in Rs 1400-cr loan default case

Press Trust of India  |  New Delhi 

The CBI has carried out searches at six locations in in connection with a Rs 1,400-crore loan default allegedly by an firm, officials said Thursday.

The premises of Kamlesh Kanungo group, and 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 Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, April 11 2019. 18:01 IST
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