In Mumbai, The Economic Offences Wing (EOW) has registered two FIRs and booked seven directors of a textile company for allegedly duping two multinational banks to the tune of Rs. 59.26 crore.
In the first case, the DBS Bank is the complainant from which the company took a loan of Rs. 26.74 crore in 2015. The second complainant is the Standard Chartered Bank that claims to have suffered a loss of Rs. 31.65 crore.
SKS Textile and its directors Sukhraj Shah, Vicky Shah, Nokhe lal Verma, Sahil Shah, Sapna Shah, Mihir Manek Mahendrakumar and Lalita Kumari and others have been booked under sections of 420 (cheating), 406 (criminal breach of trust) and 34 (common intention) of the Indian Penal Code (IPC).
The report quoted the police saying that the directors availed loans from the two banks by mortgaging their machines and stocks, but failed to repay the loans. Also, the company and its directors with, reportedly, a dishonest intention sold off the mortgaged properties to other parties without letting the two banks know, thus causing wrongful loss to them.
