Yes Bank cheated of 17 crore, case filed against four

Hindustan Times ST (Mumbai) - Live - - FRONT PAGE - Jayprakash S Naidu

MUMBAI: The Eco­nomic Of­fences Wing(EOW)of theMum­baipo­lice filedanFIRa­gain­st­fourpeo­ple­for 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).

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