CBI files FIR against UK-based firm for defrauding Bank of India of Rs 192 crore
- In Reports
- 04:56 PM, Sep 24, 2021
- Myind Staff
An FIR has been filed by Central Bureau of Investigation (CBI) against a UK-based firm Molinare Limited for defrauding Bank of India’s London branch. In the FIR, it has been alleged that the bank suffered a loss of over Rs 192 crore. Molinare Limited, established in 1973, is involved in the post-production services of media and entertainment industry.
The case has been lodged against Molinare Limited, its promoters, directors, guarantors and unknown others on charges of criminal conspiracy, cheating and forgery.
According to the complaint by Bank of India, the firm approached them to avail a credit facility for “expansion, upgradation and replacement of existing equipment along with takeover of their existing working capital facilities from Royal Bank of Scotland.”
After which, on several occasions from 2008 to 2010, credit facilities were provided by the London branch of Bank of India. However, the firm failed to pay the bank interests and instalments due to which the account of the firm was declared a non-performing asset (NPA) in May 2012.
According to FIR, key managerial persons had, “applied deceptive means with an ulterior motive to cheat the bank by providing doctored invoices.” The directors and promoters of the firm also allegedly willfully diverted and siphoned off the bank’s loan.
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