FIRNo. 0120/2019 dated October, 2019 registered at Barakhamba Road Police Stationin Delhi against Kotak Mahindra Bank and six other accused including UdaySuresh Kotak, MD & CEO. Withreference to the above, Sh. Rohit Rao,Chief Communication Officer, Kotak Mahindra Group has clarified – “This issue is about a ten year old loan recoverycase where the borrower – Cogent Ventuires India Limited and members of Baglafamily as guarantors had defaulted on their loan repayment and to recover dues,our bank had initiated recovery proceedings” Subsequently, theborrower entered into an out-of-courtsettlement and repaid the bank’s dues. Our bank always acts in accordancewith the prevailing law and regulations. The FIR filed by Bhupendra Bagla makesthe matter sub-judice and we cannot comment on a sub-judice matter. We stand committed to extend full cooperationto the investigation agency.”. Inresponse to the above statement of Kotak Mahindra Bank, Bagla family outrightlyrejects the response as appeared in the media on behalf of Kotak Mahindra Bank.There has always been twisting of facts on the part of Kotak Mahindra Bank inthe matter despite of the fact that the Ld. Metropolitan Magistrate’s Court atNew Delhi vide an order dated 10.12.2018 has dischargedBhupendra Bagla from all the charges as prosecution failed to establish even aprima facie case against him and held that theloan was not disbursed to him. The Ld. Court has taken a view in the matterthat – “ThisCourt is of the considered view that in view of the subsequent letter of KotakMahindra Bank Ltd., it is clear that loan was not given to accused BhupendraBagla on the basis of mortgage of property of complainant and same was given onthe basis of status of his company and bank account transactions. Inthese circumstances offence under Section 420 IPC is not made out. So far assection 467/468/471 IPC is concerned as per FSL result no opinion has beengiven on the affidavit or GPA as original were not submitted for examination. Inthese circumstances no offence is made out.
Accordingly, accused BhupendraBagla is discharge for the offence under Section 420/467/468/471 IPC.” Later on. the Ld. Court vide an order dated14.10.2019 on the complaint filed by Bhupendra Bagla U/s 156(3) & Cr.PC.U/s 200 Cr.PC is of the view that- “ThisCourt is of the considered view thatmatter requires investigation by police, as several documents are to becollected and verified and number of persons are to be examined. In these circumstances, SHO concerned isdirected to register FIR in this matter and investigate the same as per law”. It isclear from the trial and judgment of the Court that therehas been forgery of certain documentscreated and presented by Kotak Mahindra Bank Ltd and its associates along witha conspiracy with one Mr. Virendra Sharma. It is also clear from the perusalof records, evidence and order of Court that the loan was not taken by Bagla’sfamily and no settlement was made between Kotak Mahindra Bank Ltd and Baglafamily. Kotak Mahindra Bank had a guiltymind since beginning when they issued “Noticeto recall entire loan amount” on dated 8th April 2009 to CogentVentures India Ltd. and filed an Original Application in DRT Delhi on 28thMay 2009. The said OA was filed on the false fact, fabricated documents alongwith make wrong statement that “The Loan was granted on themortgage/security of said lease premises”. Thereafter, conspiracy with ownerof the property Mr. Virendra Sharma, Kotak Mahindra Bank filed complaint forregistering a case of commission of the offence of cheating, criminal breach oftrust, dishonest, forgery and etc. against Bagla family at PS Barakhamba Road,New Delhi and agitated owner of the property Mr. Virendra Sharma also to file acomplaint against Bagla family on the basis of which i.e. complaint dated 12.10.2009,an FIR No. 149/09 dated 15.10.2009 was registered at PS Barakhamba Road, NewDelhi. It is well known to everybody inthe market that Kotak Mahindra Bank is expert in recovery of their dues, so,with pressure tactics, a loan settlement was arrived between Bank and CogentVenture India Ltd. on 12.11.2009 and entire loan amount was paid by CogentVenture India Ltd. It is on record thatKotak Mahindra Bank had issued a letter dated 12.11.2009 wherein they admittedthat loan was given to company as “Unsecured Loan”. Despite of that there was no roleof Bagla family in the above loan transaction except that they had givenguarantee in loan and loan amount was paid off by the company, Mr. BhupendraBagla was illegally arrested in false FIR No. 149/09 dated 15.10.2009. It isvery interesting to see that Kotak Mahindra Bank is not talking about thoseforged and fabricated documents i.e. Power of Attorney and Affidavit dated24.08.2007 which were created by Kotak Bank to implicate Bagla family but onthe contrary alleged that they were executed by Bhupendra Bagla. Now the Hon’ble Court,after long trial has taken cognizance and considered view that matterrequires investigation by police, as several documents are to be collected andverified and number of persons are to be examined.