New Delhi: The Central Bureau of Investigation (CBI) said on Monday they had registered a case against dairy company Kwality Ltd. and its directors for allegedly cheating a consortium of banks of around Rs 1,400 crore ($190 million).Founded in 1992, the company describes itself as one of India’s fastest growing private dairy firms, with six manufacturing units, and exports to more than 28 countries, according to its website.Based on a complaint by state-run lender Bank of India, the CBI said it has registered a case against Kwality for alleged “diversion of bank funds, sham transactions with related parties, fabricated documents”.“Investigation is continuing,” CBI said in a press release, adding the agency had conducted searches at eight locations on Monday.Kwality’s managing director Sanjay Dhingra, who is named in the CBI case, was unavailable for comment to Reuters.The other banks named in the complaint include Canara Bank, Bank of Baroda, Andhra Bank, Corporation Bank, IDBI Bank, Central Bank of India, Dhanlaxmi Bank and Syndicate Bank.Also read: Two US-Based Law Firms File Class Action Suits Against HDFC BankLast week, Kwality posted a consolidated net loss after tax of Rs 14.25 crore for the June quarter, compared to Rs 64.62 crore a year ago.In 2016, US-based investment firm KKR & Co. L.P. backed the company with Rs 520 crore for expansion and part repayment of debt.Two years later, KKR’s Indian arm began bankruptcy proceedings against Kwality. (Reuters)