First Information Report against India’s Kotak Mahindra Bank, six others

A FIRST information report (FIR) has been registered against India’s Kotak Mahindra Bank Ltd and six others, including managing director Uday S Kotak, on charges of alleged cheating, conspiracy, and forgery of documents.

The direction for registering the FIR was given by the Metropolitan Magistrate, New Delhi, after a complaint was filed by Bhupendra Bagla against the lender and others.

In the said order, the court has directed for registering a case against the bank and its officials and to investigate the same.

A press statement read: “This court is of the considered view that matter requires investigation by police, as several documents are to be collected and verified and numbers of persons are to be examined. In these circumstances, SHO (station house officer) concerned is directed to register FIR in this matter and investigate the same as per law. Copy of this order be sent to SHO concerned for compliance."

In the FIR registered with the police, the complainant has alleged that an individual Virendra Sharma, owner of property situated in Okhla industrial area, Delhi, has filed a complaint before Delhi police commissioner against Bagla alleging that he has mortgaged his property to the bank for a loan of Rs 5 million (£54,580) and registered an FIR in this case.

However, the court later quashed charges against Bagla in the case after conducting a trial in the matter and ruled that he was falsely implicated.

The court, in their order on October 14, observed that Kotak Mahindra Bank at New Delhi allegedly offered an unsecured loan of Rs 5m to Cogent Ventures (India) Ltd.

The complainant has alleged that in order to exert pressure for repayment of loan, bank officials allegedly forged and fabricated two documents allegedly executed by the complainant, and on the basis of the said documents, initiated recovery proceedings before Debt Recovery Tribunal.