A Delhi Sessions Court has directed SHO of Barakhamba Road Police Station, New Delhi to register FIR and investigate the matter against seven accused i.e. Kotak Mahindra Bank Ltd along with Uday S. Kotak, (Managing Director & CEO), C. Jayaram (Joint Managing Director), Dipak Gupta (Joint Managing Director), Sanjay Kumar (Officer), Managers of Kotak Mahindra Bank K.G. Marg & Pitampura branches and another Virendra Kumar Sharma on the basis of complained filed by Mumbai based businessman Dr. Santosh Bagla and his Family. Earlier Reserve Bank of India (RBI) had asked Kotak Mahindra Bank to examine and redress the grievances of the complainant within a time-bound manner. Dr Bagla had earlier complained to the Prime Minister’s Office (PMO) about vindictive action by the Bank which was passed on with instructions to examine the matter.
The complainants Dr. Santosh Kumar Bagla, his wife Smt. Pushpa Bagla and son Bhupendra Bagla have filed complaint of frauds, forgery and illegalities against Kotak Mahindra Bank and its Directors and officials with police and to various higher authorities. The complaint of Mr. Bhupendra Bagla against Kotak Mahindra Bank, Mr. Uday S. Kotak and others was filed U/s 420/464/465/467/ 471/120B/34/109 of IPC.
The concerned Metropolitan Magistrate, New Delhi has now directed the Police Station, Barakhamba Road to register the case, an FIR No. 0120/2019 dated 19.10.2019 at PS Barakhamba Road New Delhi is registered against Kotak Mahindra Bank Ltd and six other accused including Mr. Uday S. Kotak, MD & CEO.
It has been alleged that Kotak Mahindra Bank approached to a company Cogent Ventures (India) Ltd. which is a sister concern of another company Cogent EMR Solutions Ltd. and offered them an unsecured loan of Rs. 50 Lakhs on the basis of the net worth of the Company. The Company Cogent Ventures (India) Ltd had been a listed company having its net worth of Rs. 50 Crores approx. at the relevant time. The said unsecured loan of Rs. 50 Lakhs was a meagre sum in comparison to the net worth of the said company.
It is stated that the said documents were not signed by Bhupendra Bagla and were forged and signed by some officials /persons of Kotak Mahindra Bank. Bank deliberately and with malafide had destroyed the alleged original documents and did not produce the same before the courts. It is further stated that as the alleged loan was unsecured one, there was no question of execution of any documents qua mortgage of any property. The documents were created and forged by the accused in collusion and conspiracy so that the pressure can be built upon the possessor of the premises (i.e. Cogent EMR Solutions Ltd) so that it be evicted much before the expiry of the lease period and the property is given to the Bank.
The accused in collusion with each other managed to lodged a false and frivolous complaint / FIR No. 149/2009 with PS Barakhamba Road, New Delhi against said Bhupendra Bagla which resulted his illegal arrest despite the he had a bail orders in his favour from the Court of Mumbai where she was residing at the relevant time. It has been further alleged that the IO of the case was got managed by Kotak Mahindra Bank as he refused to take his statement initially. Later, he was called on by the IO on the pretext to record his statement, however the IO arrested. Later on the concerned Magistrate in the matter issued Notice to the Regional Manager, Kotak Mahindra Bank to appear and confirm whether the said loan of Rs. 50 Lakhs to Cogent Ventures India Ltd was secured or unsecured. The advocates of Kotak Mahindra Bank appeared in the court and confirmed that the said loan was an UNSECURED one. On being confirmed by the Bank, the Ld. Court granted him bail and released him.
It is significant to mention that the Court of Metropolitan Magistrate, Patiala House Courts, New Delhi vide an order dated 10.12.2018 discharged the said Bhupendra Bagla from all the charges as prosecution failed to establish even a prima facie case against him and held that the loan was not disbursed to him.
In the aforesaid manner, Kotak Mahindra Bank has not only maligned the social and business reputation of the complainants but have also caused wrongful loss to the person and property of Bhupendra Bagla so much so that he had to resign and sell his stake of various companies and also his properties at rock bottom prices to defend his case. Bhupendra Bagla was even constrained to resign ante dated from various companies. He was further pressurized to sell his shareholdings of various companies at throw away price and thereby he suffered a great financial loss and reputation.
“My son was acquitted from the Court of Law. Kotak Mahindra Bank orchestrated the entire fraud and false case to grab a property which was taken on lease by one of the companies which we once were running. Kotak Mahindra Bank, its officials and said Virendra Sharma were /are directly involved in creating false and forged loan documents to implicate my son. It took my family eight long years to come out clean, but we lost prestige, business respectability and faced social humiliation, besides suffering huge monetary losses in fighting the case. I will now file a defamation suit against Kotak. I have also approached the Hon’ble President, the Hon’ble Prime Minister, the Hon’ble Governor of Maharashtra, Reserve Bank of India and others seeking action and immediate revocation of banking license of Kotak Mahindra Bank,” said Dr Bagla.