FIR registered at PS Barakhamba Road New Delhi against Kotak Mahindra Bank and six other accused including Mr. Uday S. Kotak MD & CEO the directions of a Delhi Sessions Court

On the complaint of Mr. Bhupendra Bagla and his family against Kotak Mahindra Bank, Mr. Uday S. Kotak and others, U/s 420/464/465/467/ 471/120B/34/109 of IPC, the concerned Metropolitan Magistrate, New Delhi has 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.

Prior to this the Prime Minister’s Office (PMO) had also directed Union Finance Ministry to look into a complaint of a well-known business family against the Kotak Mahindra Bank MD and CEO Uday Kotak and other senior officials for alleged conspiracy, fraud and forgery.

On the complaints of Bagla family  filed earlier this month, the PMO has asked Secretary, Department of Financial Services (Banking Division) to take appropriate action into the allegations of criminal conspiracy and illegal activities.

The Mumbai-based Bagla family has also written to the President’s Office, and the Union Home Ministry demanding a CBI probe against the Kotak Mahindra Bank MD and CEO Uday Kotak and other senior officials. They have also approached Union Home Ministry for penal action against six police personnel then posted in Barakhamba Road police station for their alleged connivance with the Kotak Mahindra Bank officials by acting in unfair and biased manner for arrest of Bhupendra Bagla in complete contravention of legal procedures.

According to Bagla, the Kotak Mahindra Bank’s top management entered into a criminal conspiracy with one Virendra Kumar Sharma who had leased his property to the Bagla family for running their businesses. Later, Kotak Mahindra Bank committed a loan fraud along with one Virendra Kumar, the owner of property leased to Cogent EMR Solution Ltd.,  in which Dr. Santosh Kumar Bagla’s son Bhupendra was falsely implicated. Bhupendra was later arrested in the false and frivolous case despite having anticipatory bail.

In the said malafide arrest, six Delhi police officials were also involved against whom a complaint has been filed. Bhupendra was subsequently given clean chit by the courts, but during the long trial he faced humiliation and also a broken marriage, while his businesses also suffered huge losses, alleged Dr. Santosh Kumar Bagla.

“My son was acquitted from 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 ran. Kotak Mahindra Bank and Virendra 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 Reserve Bank of India seeking immediate revocation of banking license of Kotak Mahindra Bank,” said Dr. Santosh Kumar Bagla.

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