mumbai the cbi has registered a case against s kumars nationwide and its promoters including nitin kasliwal in a rs 1245crore bank loan fraud case and conducted searches at 13 locations in maharashtra gujarat and west bengalcbi officers said they have recovered documents and digital evidence the agency has named 16 accused including public servants kasliwal was not reachable for comment the cbis case is that the company engaged in manufacturing fine cotton fabrics and home textiles and its promoters and directors conspired with others for committing fraud by availing credit loan facilities from a consortium of banks led by idbi bank the fir claimed that the company and its promoters misused and diverted funds between 2012 and 2018 causing rs 1245 crore loss to the bank the complaint was filed by idbi bank ltd representing a consortium of banks including central bank of india jammu kashmir bank ltd punjab national bank and indian bank s kumars nationwide ltd has its registered office in worli and manufacturing units at dewas in madhya pradesh and jhagadia industrial estate in bharuch gujaratthe alleged fraud came to light when a transaction auditcumforensic review report conducted by kpmg was received by the ncltappointed resolution professional as part of the corporate insolvency resolution process the resolution professional had noticed certain transactions of fictitious and fraudulent nature following which a forensic audit was carried out for the period between april 1 2012 and april 24 2018kpmg in its report had pointed out various irregularities done by the accused persons through preferential transactions transactions with potential nonoperating entities having links with accusedpersons relatives in real estate and with employees of s kumarsit is alleged that s kumars repaid nearly rs 138 crore to bsfc distributors pvt ltd in 201617 without any formal loan agreement nearly 97 of the total sales of s kumars during the period 201718 were with bsfc and rnt distributors pvt ltd bothbsfc and rnt distributors are potentially connected with s kumars and finquest financial services pvt ltd either through common directors or past directors it was alleged that the funds had been fraudulently diverted in those companiesthe forensic audit also found that s kumars had made purchases of rs 7223 crore from nine vendors and sales were made to 13 customers more than 75 of the transactions were concentrated with these vendors and customers who were linked to each other throughcommonalities such as registered address email address past or currentdirectors same statutory auditors and same witnesses signing the memorandums of association of these companies