Seven directors of a finance firm have been charged for allegedly defrauding Axis Bank of Rs 22.29 crore, as per a Mumbai police official.
The case, involving charges of cheating, forgery, and criminal breach of trust, was registered at Cuffe Parade police station under the court’s directive.
The FIR stems from a complaint filed by a 43-year-old assistant vice president of Axis Bank, the official stated.
“Directors of Better Value Leasing and Finance Limited Company colluded between March 2016 and March 2020, failing to repay loans acquired from Axis Bank. The firm had engaged in transactions with Axis Bank since 2005, periodically taking out loans,” the FIR outlined.
“The accused individuals defaulted on repayment of both interest and principal amounts to the bank. Funds borrowed by the directors were diverted for purposes other than the company’s operations. Additionally, fraudulent invoices were utilized by the accused to deceive the bank,” the official stated, citing the FIR.
The Centre on Friday opposed a proposal in the Supreme Court to form a committee…
The Delhi High Court Bar Association on Friday honored Chief Justice of India Justice Sanjiv…
The International Criminal Court has recently issued arrest warrants for Israeli Prime Minister Benjamin Netanyahu,…
The Calcutta High Court on Friday granted an interim stay on the demolition of alleged…
The Supreme Court on Friday announced that it would deliver its order on November 25…
The Supreme Court raised concerns on Friday about the "drastic" consequences of the GRAP Stage…