The raids are to do with a 2020 case that accused the dairy products firm of cheating a consortium of banks of Rs 1,400 crore.
The Enforcement Directorate on Wednesday conducted raids at many locations in and around Delhi as part of a money laundering probe against former senior executives and promoters of liquidated dairy products maker Kwality, according to a PTI report.
The raids are part of a case filed against Kwality and its directors in September 2020 for allegedly defrauding a consortium of banks to the tune of Rs 1,400 crore.
“The forensic audit of the accounts showed that out of the total sale of Rs 13,147.25 crore made by the company, only Rs 7,107.23 crore were routed through the consortium of banks. …
Sethu writes on all things technology at The Morning Context. He previously worked as a senior sub-editor at Indian Express.
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