Axis Bank defrauded of ₹22.29 crore by finance firm’s directors, Mumbai police files charges

A criminal case involving charges of cheating, forgery, and breach of trust was lodged at the Cuffe Parade police station following court orders. The development came after a top official of Axis Bank filed a complaint.

Livemint, Written By Shivangini
First Published10 May 2024, 07:39 AM IST
A criminal case involving charges of cheating, forgery, and breach of trust was lodged at the Cuffe Parade police station following court orders.
A criminal case involving charges of cheating, forgery, and breach of trust was lodged at the Cuffe Parade police station following court orders.(REUTERS)

Seven directors from a finance company were charged with defrauding Axis Bank of 22.29 crore, according to a statement from a Mumbai police official on May 9, PTI  reported. 

A criminal case involving charges of cheating, forgery, and breach of trust was lodged at the Cuffe Parade police station following court orders. The complaint, leading to the FIR, was filed by a 43-year-old assistant vice president of Axis Bank, PTI reported.

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"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. 

"The accused persons did not repay 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 said quoting the FIR.

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In April, Axis Bank became the fourth-largest lender by market capitalisation in India, surpassing Kotak Mahindra Bank Ltd. This shift occurred after Kotak Mahindra Bank's stock fell by 10 per cent, a decline triggered by directives from the Reserve Bank of India (RBI), which prohibited the bank from acquiring new customers via digital channels and issuing new credit cards.

Additionally, Kotak Mahindra Bank recently announced the resignation of its joint managing director, KVS Manian, a veteran at the bank for nearly thirty years and a contender for the chief executive position, as per Mint.

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First Published:10 May 2024, 07:39 AM IST
HomeIndustryBankingAxis Bank defrauded of ₹22.29 crore by finance firm’s directors, Mumbai police files charges

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