Varun Industries finds itself entangled in a significant legal issue as the Central Bureau of Investigation (CBI) has taken action by filing two separate cases against the company. The alleged bank fraud amounts to over Rs 388 crore, as revealed by officials on Wednesday.
Varun Industries, along with its promoters and directors Kailash Agarwal and Kiran Mehta, faces the consequences in these two new cases. The complaints that prompted the cases were individually lodged by the Central Bank of India and Canara Bank.
According to reports, the Central Bank of India asserts a loss of Rs 269.29 crore, while Canara Bank’s estimates place the financial losses at approximately Rs 118.88 crore.
