CBI files FIR against UK-based firm for defrauding Bank of India of Rs 192 cr 

4 months ago 31

The CBI has registered a case against UK-based Molinare Limited for allegedly defrauding Bank of India's London branch to the tune of Rs 192 crore.

Molinare Limited is a London-based firm which was established in 1973. It is involved in post-production services of media and entertainment industry.

The Central Bureau of Investigation has filed an FIR against a UK-based firm for defrauding Bank of India’s London branch to the tune of Rs 192 crore.

A case has been lodged against Molinare Limited, its promoters, directors, guarantors and unknown others on charges of criminal conspiracy, cheating and forgery.

Molinare Limited is a London-based firm which was established in 1973. It is involved in the post-production services of media and entertainment industry.

According to the complaint by Bank of India, the firm approached them to avail a credit facility for “expansion, upgradation and replacement of existing equipment along with takeover of their existing working capital facilities from Royal Bank of Scotland.

The credit facility was provided by the London branch of Bank of India on several occasions between 2008 and 2010.

However, the firm failed to pay the bank interests and installments due to which the account of the firm was declared a non-performing asset (NPA) in May 2012.

A forensic audit of the firm’s account allegedly revealed that the key managerial players, according to FIR, “applied deceptive means with an ulterior motive to cheat the bank by providing doctored invoices.”

The directors and promoters of the firm also allegedly willfully diverted and siphoned off the bank’s loan.

In the FIR, it has been alleged that the bank suffered a loss of over Rs 192 crore.

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