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CBI searches 6 locations in Mumbai for Parekh Alumumium loan default case

Metal News - Published on Mon, 15 Apr 2019

Image Source: HD-Freeimages
Money Control reported that CBI has carried out searches at six locations in Mumbai in connection with a INR 1,400-crore loan default allegedly by an aluminium foil manufacturing firm. 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 INR 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.

Source :

Posted By : Rabi Wangkhem on Mon, 15 Apr 2019
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