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Shares of kwality limited on Tuesday came under pressure, as the Central Bureau of Investigation on Monday filed a fraud case for cheating a consortium of banks led by Bank of India.
The shares are currently trading at ₹2.80 apiece, down 3.45 per cent.
Earlier, the maker of dairy products is accused of ₹1,400 crore fraud.
The CBI, which registered the case after a complaint from banks, named the company's directors Sanjay Dhingra, Siddhant Gupta and Arun Srivastava and other unknown people.
The banks said in their complaint that Kwality Ltd cheated them by ways of diversion of bank funds, sham transactions with related parties, fabricated documents/receipts, falsified books of accounts and creation of false assets and liabilities.
Other than Bank of India, the consortium includes Canara Bank, Bank of Baroda, Andhra Bank, Corporation Bank, IDBI, Central Bank of India, Dhanlaxmi Bank and Syndicate Bank.
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