Seven directors of firm booked for cheating Axis Bank of Rs 22.29 crore

Mumbai: Seven directors of a finance firm were booked for allegedly cheating Axis Bank of Rs 22.29 crore, a Mumbai police official said on Thursday.

The case of cheating, forgery and criminal breach of trust was registered at Cuffe Parade police station on the instructions of the court, he said.

The FIR is based on the complaint filed by a 43-year-old assistant vice president of Axis Bank, the official added.

"Directors of Better Value Leasing and Finance Limited Company conspired with each other between March 2016 and March 2020 and did not repay loans they had taken from Axis bank. The firm had transactions with Axis Bank since 2005 and had taken loans from time to time," the FIR mentioned.

"The accused persons did not make repayment of the interest or principal amount to the bank. The loan amount borrowed by the directors was used for other reasons apart from running the company's business. The accused also used fraudulent invoices to cheat the bank," the official said quoting the FIR.