FIR registered against Kotak Mahindra bank, Uday S Kotak, MD and CEO and five others for alleged cheating

by Suman Gupta

A FIR has been registered against Kotak Mahindra Bank Ltd and six others including Managing Director Uday S Kotak on charges of alleged cheating, conspiracy and forgery of documents.

The direction for registering the FIR was given by Metropolitan Magistrate, New Delhi after a complaint was filed by Bhupendra Bagla under Section 156(3) read with complaint under Section 190 read with Section 200 of Cr.PC against Kotak Mahindra Bank Ltd. and others.

In the said order the court has directed for registering a case against the bank and its officials and to investigate the same.

“This Court is of the considered view that matter requires investigation by police, as several documents are to be collected and verified and numbers of persons are to be examined. In these circumstances, SHO concerned is directed to register FIR in this matter and investigate the same as per law. Copy of this order be sent to SHO concerned for compliance”, read a press statement.

In the FIR registered with the police, the complainant has alleged that an individual Virendra Sharma, Owner of Property situated in Okhla Industrial Area, Delhi has filed a complaint before Commissioner of Police, Delhi against Bhupendra Bagla alleging that he has mortgaged his property to Kotak Mahindra Bank Limited for a loan of Rs 50 lakh and registered an FIR in this case.

However, the court later quashed charges against Bagla in the case after conducting a trial in the matter and ruled that he was falsely implicated.

The Court, in their order on October 14, observed that Kotak Mahindra Bank at New Delhi allegedly offered an unsecured loan of Rs 50 lakhs to M/s. Cogent Ventures (India) Ltd.

The complainant has alleged that in order to create pressure for repayment of loan bank officials allegedly forged and fabricated two documents allegedly executed by the complainant and on the basis of said documents initiated recovery proceedings before DRT (Debt Recovery Tribunal).