Mumbai: Private bank lodges FIR against company for cheating – Times of India

MUMBAI: A leading private bank has lodged an FIR against a company, that imports textile products from Hong Kong and sells in India, for cheating it to the tune of Rs 46.3 crore.
The case was registered at the N M Joshi Marg police station and later transferred the probe to the city economic offences wing (EOW).
Investigators said that Shivaji Kale (45), senior manager (legal) of the HDFC Bank (lower parel) lodged the complaint with the police. In the complaint, he stated that the accused company had taken cash credit facility and term loan of Rs 46.3 crore for business purpose. However, the money was not used for the purpose as stated while seeking the loan.
Two directors of the accused company have also been named as accused in the case.
“The complainant stated that the value of the property mortgaged while taking loan have also depreciated. During 2017 and 2019, the accused company was sanctioned cash credit facility but they did not return the loan,” a police officer said. The duration of the crime is said to be between 2017 and 2019.
The officer further added that as per the complaint while taking loan, the accused company had kept a property and list of debtors as mortgage. Later it was found that the list of debtors was also forged, said an officer. The probe is being conducted by senior inspector Kishore Parab and API Arundhati Yelve.
Police said that initially the accused company had taken loans from three different cooperative banks. Later the the accused company approached the HDFC bank in 2017 asking to clear its loan to three banks and that they will repay the loan to HDFC to which the bank agreed and cleared the three banks’ loan. ” We are making inquiries and studying the document,” said an EOW officer.