Bandra firm, director booked for duping private bank of ₹26.67 crore

The Economic Offences Wing (EOW) of Mumbai police has booked a Bandra-based industrial material importer firm for allegedly cheating Standard Chartered Bank to the tune of ₹26

The Economic Offences Wing (EOW) of Mumbai police has booked a Bandra-based industrial material importer firm for allegedly cheating Standard Chartered Bank to the tune of ₹26.67 crore.

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According to the complaint, Raghav Kapoor, director of ABK Industries Limited, had taken a loan of ₹19.48 crore on a letter of credit facility from the bank. Since the payment of interest was stopped after September 2018, the bank asked the company to clear the outstanding dues.

In January 2019, ABK Industries issued some cheques but they were dishonoured when presented for encashment. The firm’s loan account was then declared non-performing assets.

“Till date, the total amount owed by the company to the bank, including the principal amount and the interest, has gone up to ₹26.67 crore,” an EOW officer said.

Kamal Dinesh Vyas, senior manager of Standard Chartered Bank, filed a criminal complaint at Bandra-Kurla Complex police station.

A case against ABK Industries, Kapoor, and other unidentified persons was registered under sections 420 (cheating), 465 (forgery), 467 (forgery of valuable security), 468 (forgery for purpose of cheating), 471 (using as genuine a forged), and 120B (criminal conspiracy) of the Indian Penal Code.

Investigation revealed that the company availed the credit facility from the bank and later diverted the funds to a shell company which the accused had created in his peon’s name, the officer said.

In the alleged financial irregularities, the accused had done gross forgery and falsification of documents, the EOW’s preliminary inquiry has found.

The accused, Kapoor, is already in judicial custody in a similar fraud case lodged by a bank last year.