Axis Bank defrauded of ₹22.29 crore by finance firm's directors, Mumbai police files charges
₹22.29 crore, according to a statement from a Mumbai police official on May 9, PTI reported. A criminal case involving charges of cheating, forgery, and breach of trust was lodged at the Cuffe Parade police station following court orders. The complaint, leading to the FIR, was filed by a 43-year-old assistant vice president of Axis Bank, PTI reported.
Also Read | Kotak Bank's rollercoaster: From setbacks to a surging Q4 "Directors of Better Value Leasing and Finance Limited Company conspired with each other between March 2016 and March 2020 and did not repay loans they had taken from Axis Bank. The firm had transactions with Axis Bank since 2005 and had taken loans from time to time," the FIR mentioned.
"The accused persons did not repay the interest or principal amount to the bank.
The loan amount borrowed by the directors was used for other reasons apart from running the company's business. The accused also used fraudulent invoices to cheat the bank," the official said quoting the FIR. Also Read | Indian stock market: 7 key things that changed for market overnight - Gift Nifty, BoE policy to US jobless claims In April, Axis Bank became the fourth-largest lender by market capitalisation in India, surpassing Kotak Mahindra Bank Ltd.
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