SEBI finds ₹941 crore of Sanwaria Consumer sales to non-existent debtors
Sanwaria Consumer Ltd · Edible oil and food products
The case in brief
Visible before detection
Checks that could have surfaced it, on hindsight
Counterparty existence
Would have found that major debtors did not exist.
Can mislead when: Real companies can be used as pass-throughs. Existence does not prove a real trade, so C6 and C7 still apply.
Third-party confirmation
Would have sought confirmation of debtors and the insurance claim.
Can mislead when: Counterparties can collude or ignore requests. A non-response is logged as a gap, never as a pass.
Counterparty tax/GST
Would have compared GST sales data with reported revenue.
Can mislead when: Needs taxpayer consent or GSP access. A registered, filing shell still passes this check, which is why C3 and C4 run beside it.
Where Kubr services would have helped
Valuation context
Offered in India- C4 Would have found that major debtors did not exist.
Financial diligence
Offered in India- C2 Would have compared GST sales data with reported revenue.
- C4 Would have found that major debtors did not exist.
Proceeds tracer
Offered in India- C2 Would have compared GST sales data with reported revenue.
- C4 Would have found that major debtors did not exist.
Verified Snapshot
Offered in India- C4 Would have found that major debtors did not exist.
Mapped from the checks each service runs. A hindsight reading of public records, not a promise that the failure would have been found.
Same pattern
A summary of public documents. It reports what the sources say. It is not Kubr's finding and not a statement of guilt.