Mumbai: 7 directors of firm booked for cheating Axis Bank of Rs 22.29 cr

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Seven directors of a finance firm have been accused of defrauding Axis Bank of Rs 22.29 crore, according to a Mumbai police spokesman on Thursday.

The case concerns charges of cheating, forgery, and criminal breach of trust in response to a court order. The FIR was filed at Cuffe Parade police station following a complaint from Axis Bank's 43-year-old assistant vice president, reported PTI.

It further stated that the FIR alleges that the directors of Better Value Leasing and Finance Limited Company plotted between March 2016 and March 2020. They allegedly neglected to repay loans obtained from Axis Bank despite having done business with the bank since 2005.

According to reports, the accused directors diverted loan funds for non-business activities and refused to repay the bank's interest or principal. The FIR further alleges that fake invoices were used to defraud the bank.

"Directors of Better Value Leasing and Finance Limited Company conspired with each other between March 2016 and March 2020 and did not repay loans they had taken from Axis bank. The firm had transactions with Axis Bank since 2005 and had taken loans from time to time," the FIR mentioned per the PTI report.

"The accused persons did not make repayment of the interest or principal amount to the bank. The loan amount borrowed by the directors was used for other reasons apart from running the company's business. The accused also used fraudulent invoices to cheat the bank," the official old the news agency quoting the FIR.

Burglar wanted in multiple cases finally arrested

Nalasopara police have captured a 38-year-old burglar who had been wanted by several police stations in Thane, Palghar and Gujarat. Ram Naresh Gupta is accused in over 55 housebreaking theft (HBT) charges in Maharashtra and Gujarat.

The police had been looking for Gupta since he reportedly burglarized a wine shop in Nalasopara West in December 2023, grabbing Rs 2.10 lakh in cash, stated a mid-day report.

Although Gupta initially escaped capture, a crew from Nalasopara police station discovered a checked shirt alleged to have been worn during the crime at his home in Diva. Gupta requested anticipatory bail from the Bombay High Court, claiming that the CCTV evidence did not definitively identify him. Despite concerns from the police, his lawyer gained release by saying that such shirts are easily accessible online, it added.

Gupta was later caught by Vadodara police for a burglary in April, but he escaped detention. He was eventually caught by Kolsewadi police in Thane. Following his arrest, Nalasopara police gained his custody, resulting in the recovery of stolen valuables totaling Rs 25 lakh, including mobile phones and jewellery.