Look out circulars issued against directors of Talwalkars

A senior EOW officer confirmed that look out circulars have been issued against directors and other office bearers of Talwalkars Better Value Fitness Ltd (TBVFL) and Talwalkars Health Clubs Ltd

The economic offences wing (EOW) of the Mumbai Police has issued lookout circulars (LoCs) against eight directors and other top office bearers of Talwalkars – India’s largest chain of gyms and health clubs, after registering two first information reports (FIRs) against them for allegedly duping two private banks of over ₹386 crore.

Talwalkars and its eight directors and some senior officers are facing two FIRs for allegedly defrauding Axis Bank and Laxmi Vilas Bank of ₹206 crore and ₹180 crore, respectively. The economic offences wing (EOW) of the Mumbai Police has issued lookout circulars (LoCs) against eight directors and other top office bearers of Talwalkars (AFP)

A senior EOW officer confirmed that LoCs have been issued against directors and other office bearers of Talwalkars Better Value Fitness Ltd (TBVFL) and Talwalkars Health Clubs Ltd – Girish Talwalkar, Prashant Talwalkar, Vinayak Gawande, Anant Gawande, Harsh Bhatkar, Madhukar Talwalkar, Dinesh Rao and Girish Naik.

“In order to ensure that the accused do not flee the country (to avoid facing the investigation) we have got the LoCs issued against them. We would soon summon them for investigation and ascertain their role in the case. If no evidence is found against any accused during the investigation then his/her name would be dropped from the case in due course,” said a senior EOW officer.

Talwalkars and its eight directors and some senior officers are facing two FIRs for allegedly defrauding Axis Bank and Laxmi Vilas Bank of ₹206 crore and ₹180 crore, respectively.

“The accused company had taken money from the private banks for one purpose but utilised the funds for some other purposes with fraudulent intent. This has clearly surfaced during the preliminary inquiry. We have registered fraud cases against the directors of the group and further investigation is on,” said Niket Kaushik, joint commissioner of police, EOW.

On being booked by the EOW, Prashant Talwalkar had said, “When the alleged irregularities took place, we had no access or control over the financial dealings of the company. We have conveyed our side of the entire matter to EOW officers. We have faith in the police and the judiciary. As the matter is sub-judice, I won’t be able to comment further.”