Yes Bank cheated of `17 crore, case filed against four

The Economic Offences Wing (EOW) of the Mumbai police filed an FIR against four people for allegedly cheating Yes Bank, one of India’s largest private sector banks, of Rs17 crore.

According to the FIR, the accused allegedly conspired to cheat the bank by mortgaging properties and stocks of their companies and taking a loan of Rs17 crore under the bank’s cashcredit facility.

They, however, sold the stocks and in April 2015 submitted forged stock statements to the bank.

According to the police, of the loan amount, Rs67.50 lakh was diverted by the accused to their private savings account for personal use. They deliberately obstructed the bank’s attempts to take custody of the mortgaged properties by forging documents and also refused to return the loan of Rs17 crore, the police said.

The bank’s recovery officer then approached the EOW with a written complaint.

The four have been booked under IPC sections 420 (cheating), 465 (punishment for forgery), 467 (Forgery of valuable security, will, etc), 468 (forgery for purpose of cheating), 471 (using genuine as forged) and 120B (criminal conspiracy).