The company, which is into supply chain management of detergent raw materials and other chemicals, has defaulted on loans amounting to Rs 560 crore between 2016 and 2017 towards a consortium of eight banks, including Central Bank of India, they said.
The agency has registered a case on the basis of a complaint from the bank, which allegedly suffered a loss of nearly Rs 82 crore, the officials said.
It is alleged that the firm showed inflated stock statements to induce the banks into issuing credit facilities, they said.
"It clearly shows that the borrowers have diverted the funds and it appears that the company has disposed of the stock with dishonest and mala fide intention without adjusting banks dues," the bank said in its complaint, which is now a part of the FIR.
The bank alleged the company defrauded it and caused wrongful loss to the extent of outstanding balance of Rs 81.39 crore to it.
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