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Dr. Santosh Kumar Bagla Statement On KOTAK MAHINDRA BANK’S CLARIFICATION ON REPORTS OF – BAGLA FAMILY SEEKS CANCELLATION OF KOTAK MAHINDRA’S BANKING LICENCE

FIR No. 0120/2019 dated October, 2019 registered at Barakhamba Road Police Station in Delhi against Kotak Mahindra Bank and six other accused including Uday Suresh Kotak, MD & CEO. With reference to the above, Sh. Rohit Rao,Chief Communication Officer, Kotak Mahindra Group has clarified – “This issue is about a ten year old loan recovery case where the borrower – Cogent Ventures India Limited and members of Bagla family as guarantors had defaulted on their loan repayment and to recover dues,our bank had initiated recovery proceedings” Subsequently, the borrower entered into an out-of-court settlement and repaid the bank’s dues. Our bank always acts in accordance with the prevailing law and regulations. 

The FIR filed by Bhupendra Bagla makes the matter sub- judice and we cannot comment on a sub- judice matter. We stand committed to extend full cooperation to the investigation agency.”. In response to the above statement of Kotak Mahindra Bank, Bagla family out rightly rejects 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 discharged 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. The Ld. Court has taken a view in the matter that – “This Court is of the considered view that in view of the subsequent letter of Kotak Mahindra Bank Ltd., it is clear that loan was not given to accused Bhupendra Bagla on the basis of mortgage of property of complainant and same was given onthe basis of status of his company and bank account transactions. In these circumstances offence under Section 420 IPC is not made out. So far as section 467/468/471 IPC is concerned as per FSL result no opinion has been given on the affidavit or GPA as original were not submitted for examination. Inthese circumstances no offence is made out. Accordingly, accused Bhupendra Bagla 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-“This Court is of the considered view that matter requires investigation by police, as several documents are to be collected and verified and number of persons are to be examined. In these circumstances, SHO concerned is directed to register FIR in this matter and investigate the same as per law”. It is clear from the trial and judgment of the Court that there has been forgery of certain documents created and presented by Kotak Mahindra Bank Ltd and its associates along with a conspiracy with one Mr. Virendra Sharma. It is also clear from the perusal of records, evidence and order of Court that the loan was not taken by Bagla’s family and no settlement was made between Kotak Mahindra Bank Ltd and Bagla family. Kotak Mahindra Bank had a guilty mind since beginning when they issued “Notice to recall entire loan amount” on dated 8th April 2009 to Cogent Ventures India Ltd. and filed an Original Application in DRT Delhi on 28thMay 2009. The said OA was filed on the false fact, fabricated documents along with make wrong statement that “The Loan was granted on the mortgage/security of said lease premises”. Thereafter, conspiracy with owner of the property Mr. Virendra Sharma, Kotak Mahindra Bank filed complaint for registering a case of commission of the offence of cheating, criminal breach of trust, 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 a complaint 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, New Delhi. 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 Cogent Venture India Ltd. on 12.11.2009 and entire loan amount was paid by Cogent Venture India Ltd. It is on record that Kotak Mahindra Bank had issued a letter dated 12.11.2009 wherein they admitted that loan was given to company as “Unsecured Loan”. Despite of that there was no role of Bagla family in the above loan transaction except that they had givenguarantee in loan and loan amount was paid off by the company, Mr. Bhupendra Bagla was illegally arrested in false FIR No. 149/09 dated 15.10.2009. It is very interesting to see that Kotak Mahindra Bank is not talking about those forged and fabricated documents i.e. Power of Attorney and Affidavit dated24.08.2007 which were created by Kotak Bank to implicate Bagla family but on the contrary alleged that they were executed by Bhupendra Bagla. Now the Hon’ble Court,after long trial has taken cognizance and considered view that matter requires investigation by police, as several documents are to be collected and verified and number of persons are to be examined.

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It has been alleged in the complaint of Bagla’s family that the officials of the Kotak Mahindra Bank Limited in collusion and in connivance with each other i.

It has been alleged in the complaint of Bagla’s family that the officials of the Kotak Mahindra Bank Limited in collusion and in connivance with each other i.e. Bank, Officers and one Mr. Virendra Sharma, owner of leased property, hatched a conspiracy and forged and fabricated documents including one affidavit and a power of attorney both dated 24.08.2007 which were alleged to have been executed by one of the Bagla’s family member i.e. Mr. Bhupendra Bagla for mortgaging leased property against an unsecured loan and on the basis of which the Bank initiated recovery proceeding before the Ld. DRT.

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Without Prejudice Dated: 30.12.2019 Mr. Anand Gopal Mahindra, Ex-Director, Kotak Mahindra Bank Ltd., Sub: Regarding your role in Kotak Mahin

OPEN LETTER TO MR. ANAND GOPAL MAHINDRA, EX-DIRECTOR OF KOTAK MAHINDRA BANK LIMITED

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Uday Kotak, Kotak Mahindra Bank alleged for a big conspiracy & forging documents.

Cancellation of the banking license of Kotak Mahindra Bank demanded by Bagla family

Santosh Kumar Bagla’s family has demanded from Reserve Bank of India through a letter dated November 1, for removal of Uday Kotak from the post of MD & CEO of Kotak Mahindra Bank and also from the post of Chairman of IL&FS as a person facing criminal cases cannot be considered suitable for any responsible post unless acquitted of the charges. According to a statement, an FIR No. 0120/2019 dated October 19 has been registered at Barakhamba Road police station in Delhi against Kotak Mahindra Bank and six other accused including Uday Kotak, MD & CEO. “The Bank was found as involved in unethical and illegal practices for recovery of loan by way of forging documents/papers and inducement, misrepresentation, false assurances to customers for sanctioning loan and in this process, there were unlawful gains directly or indirectly to Bank while its clients suffered losses of reputation and business loss”. The statement said the officials of the Bank in collusion and in connivance with each other, hatched a conspiracy and forged and fabricated documents including one affidavit and a power of attorney which were alleged to have been executed by one Bagla’s family member, Bhupendra Bagla, for mortgaging leased property against a unsecured loan and on the basis of which the bank initiated recovery proceedings. On the complaints filed by the Bagla family, PMO has directed the Secretary, Department of Financial Services (Banking Division) for action as appropriate in the matter of complaint against Kotak Mahindra Bank Limited, its MD & CEO Mr. Uday Kotak and other senior officials for alleging conspiracy, fraud and forgery of some documents. 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.

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Importance of Value and Ethics & Kotak Mahindra Bank.

Certainly whoever does business means to earn profit or trade means profit making. There is also healthy competition among themselves. Value and ethics also have great importance. But unfortunately with the changing times, the meaning of business has also become gruesome. Now business means fierce competition, ruining the other, conspiring and trapping the opponent etc. is in vogue. Business that used to be under a love and brotherhood has taken a cruel and dangerous form today, where no one is safe ………And this feeling of insecurity is also causing terrible crime. Of course not all businessmen can be put in this category, but Kotak Mahindra Bank and its M.D. Uday S. Kotak cannot be excluded from this, who in a terrible conspiracy against a prominent businessman Dr. Bagla family & ruined them.Today, the Bagla family is acquitted with respect to the fake and false case of Kotak Mahindra Bank after a lengthy legal process (about 10 years). Again after the order of MM, An FIR has also been filed against Kotak Mahindra Bank and its M.D Uday Kotak including others. But who would understand the pain of the loss suffered by Dr. Santosh Kumar Bagla's family in the last 10 years in every way.

 I was told about a very big American company that enhanced very aggressive steps to grow its business. Although aggression is the product of the West, but we Indians have mimicked and have done our best. However, the company made its employee by selecting the top students on a large package from the world's best educational / management institutions such as Howard University, etc., to grow its business fast. They also provided them many other facilities as well. Initially, the company grew at a very fast pace, But in just a few years the company went bankrupt. It was also an unprecedented event for the economic thinkers / experts. Ultimately, after much deliberation, it was concluded that the company had lost its value and ethics in an indiscriminate race for development .... and because of this the company had none of its own.

Kotak Mahindra Bank and its M.D. Uday Kotak does not stay in front of that American company. Of course today, with many new enticing promises, they are moving forward by losing value and ethics, ruining many people like Dr. Bagla, but many cases have been registered against them, too. But due to lack of value and ethics, it is like a fortress of cards, which will fall one day & non will survive.

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FIR REGISTERED AGAINST KOTAK MAHINDRA BANK TRANSFERRED TO DIU/NDD, MANDIR MARG, NEW DELHI.

The FIR No. 0120/2019 dated 19/10/2019 U/s 420 & 34 registered at PS Barakhamba Road, New Delhi against Kotak Mahindra Bank Ltd and six other accused including Mr. Uday S. Kotak, MD & CEO, for their role in a scam of forgery of documents, has been transferred by PS Barakhamba Road, New Delhi to DIU/NDD, Mandir Marg, for proper further investigation and the proper investigation regarding forgery and fabrication of documents has been already started by DIU Mandir Marg by sending necessary notices to all accused. After registration of the said FIR for committing fraud and forgery by Kotak Mahindra Bank and others, Bagla family has also filed a complaint with the Court

of Chief Metropolitan Magistrate, New Delhi for malicious prosecution of the applicants, under Section 200 r/w 190 Cr. P.C. and for taking cognizance of offences Committed U/s 211 (IInd Part), 499/500, 501, 502 r/w 120B/34 IPC, against Kotak Mahindra Bank Ltd & others.

The complainant Bagla Family was not aware of the involvement of certain person including the then Directors of Kotak Mahindra Bank, therefore had primarily made them as “unknown” accused. Now, by a search report issued by a Chartered Accountant/Company Secretary, it revealed and verified that Mr. Anand Mahindra along with certain other persons were Directors of Kotak Mahindra Bank at the relevant time. The complainant accordingly made them accused / party to the said complaint of malicious prosecution. In the complaint apart from one Virendra Kumar Sharma, Kotak Mahindra Bank and its Directors & Company Secretary and other officers namely Mr. Uday Suresh Kotak, Managing Director, The Regional Manager, Kotak Bank (Delhi & NCR), Mr. Anand Mahindra, Mr. Shivaji Dam, Mr. Chengalath Jayram, Dipak Gupta, Ms. Bina Chandarana, Company Secretary, Mr. Chandra Shekhar Prasad (The Then Deputy Manager, Legal), Mr. Sanjay Kumar, Officer, Kotak Bank and CVIL Infra Limited and Bennett Coleman & Company Ltd., were made accused.

It has been alleged in the complaint that the officials of the Bank in collusion and in connivance with each other, hatched a conspiracy and forged and fabricated documents including one affidavit and a power of attorney which were alleged to have been executed by one of the Bagla’s family member i.e. Mr. Bhupendra Bagla for mortgaging leased property against an unsecured loan and on the basis of which the Bank initiated recovery proceeding before the Ld. DRT. It has been further alleged in the complaint that the accused in connivance with each other, falsely implicated one Bhupendra Bagla son of Dr. Santosh Kumar Bagla (a renowned business family based at Mumbai & Delhi) in a criminal case by using forged and fabricated documents created and used by the accused. It has been further alleged in the complaint that the averments made by the accused in this regard has resulted in multiple litigations and publication, which are public documents and due to such malicious publication and false allegations, the reputation of complainant and Dr. Bagla’s family, got tarnished in the eyes of their friends, employees, business relations etc. It has been also alleged that the credibility built by the Complainant over a span of time, has been

shattered due to leveling the false, frivolous, fictitious and baseless allegations against the complainant. The Court has been prayed to take cognizance of the matter and also prayed to punish the named accused as per law. Bagla family’s complaint for malicious prosecution against Kotak Mahindra Bank and its officials was listed before the Court of Metropolitan Magistrate, Patiala House Courts, New Delhi wherein the Court has directed the complainant to file certified copies of the judicial record as relied upon and FIR lodged on the complaint of the accused, before the next date of hearing.

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OPEN LETTER TO MR. UDAY SURESH KOTAK, MD & CEO, KOTAK MAHINDRA BANK, ALONGWITH QUESTIONS WHICH REMAINED UNANSWERED  

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COMPLAINT FOR MALICIOUS PROSECUTION AND DEFAMATION BY BAGLA FAMILY, AGAINST KOTAK MAHINDRA BANK AND OTHERS INCLUDING UDAY SURESH KOTAK AND ANAND MAHINDRA.

The PMO had directed the Secretary, Department of Financial Services (Banking Division) for action as appropriate in the matter of complaint against Kotak Mahindra Bank Limited, its MD & CEO Mr. Uday S. Kotak and other senior officials for alleging conspiracy, fraud and forgery of some documents. [Ref: Replies dated 03/09/2019 and 04/09/2019 from PMO with Registration No. PMOPG/D/2019/0318007 & PMOPG/D/2019/ 0320812] 

It has been alleged in the complaint that the officials of the Bank in collusion and in connivance with each other, hatched a conspiracy and forged and fabricated documents including one affidavit and a power of attorney which were alleged to have been executed by one of the Bagla’s family member i.e. Mr. Bhupendra Bagla for mortgaging leased property against a unsecured loan and on the basis of which the Bank initiated recovery proceeding before the Ld. DRT. 

Later on an FIR No. 0120/2019 dated 19/10/2019 has been registered at PS Barakhamba Road, New Delhi against Kotak Mahindra Bank Ltd and six other accused including Mr. Uday S. Kotak, MD & CEO, for their role in a scam of forgery of documents vide order dated 14.10.2019 of MM Patiala House Courts, New Delhi who has taken view that as matter requires investigation by police, several documents are to be collected and verified and number of persons are to be examined. 

After registration of the said FIR for committing fraud and forgery by Kotak Mahindra Bank and others including Uday S. Kotak and Anand Mahindra, Bagla family has also filed a complaint with the Court of Chief Metropolitan Magistrate, New Delhi, under Section 200 r/w 190 Cr. P.C. for taking cognizance of offences Committed U/s 211 (IInd Part), 499/500, 501, 502 r/w 120B/34 IPC, against Kotak Mahindra Bank Ltd & others. 

In the complaint apart from one Virendra Kumar Sharma, Kotak Mahindra Bank and its Directors & Company Secretary and other officers namely Mr. Uday Suresh Kotak, Managing Director, The Regional Manager, Kotak Bank (Delhi & NCR), Mr. Anand Mahindra, Mr. Shivaji Dam, Mr. Chengalath Jayram, Dipak Gupta, Ms. Bina Chandarana, Company Secretary, Mr. Chandra Shekhar Prasad (The Then Deputy Manager, Legal), Mr. Sanjay Kumar, Officer, Kotak Bank and CVIL Infra Limited and Bennett Coleman & Company Ltd., were made accused. 

It has been alleged in the complaint that the above named accused in connivance with the each other, falsely implicated one Bhupendra Bagla son of Dr. Santosh Kumar Bagla (a renowned business family based at Mumbai & Delhi) in a criminal case by using forged and fabricated documents created and used by the above named accused. 

It has been further alleged in the complaint that the averments made by the accused in this regard has resulted in multiple litigations and publication, which are public documents and due to such malicious publication and false allegations, the reputation of complainant and Dr. Bagla’s family, got tarnished in the eyes of their friends, employees, business relations etc. It has been also alleged that the credibility built by the Complainant over a span of time, has been shattered due to leveling the false, frivolous, fictitious and baseless allegations against the complainant. The Court has been prayed to take cognizance of the matter and also prayed to punish the named accused as per law. 

The matter was listed before the Court of Metropolitan Magistrate, Patiala House Courts, New Delhi wherein the Court has directed the complainant to file certified copies of the judicial record as relied upon and FIR lodged on the complaint of the accused, before the next date of hearing. 

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TWO LETTERS ISSUED BY KOTAK MAHINDRA BANK LIMITED WHICH ARE CRUCIAL FOR THE INVESTIGATION IN THE MATTER OF BAGLA’S FAMILY AND ARE CONTRADICTORY ITSELF.

An FIR No. 0120/2019 dated 19/10/2019 registered under section 420/34 of IPC, against Kotak Mahindra Bank Ltd and six other accused including Mr. Uday S. Kotak, MD & CEO and also against unknown persons, vide court order dated 14.10.2019 of M.M., Patiala House Courts, New Delhi, arising out of a complaint filed by Mr. Bhupendra Bagla under Section 156(3) read with Section 200 of Cr.PC with charges U/s 420/464/465/467/471/120B/34/109 of IPC, before M.M., Patiala House Courts, New Delhi.

It has been alleged in the complaint that the officials of the Bank in collusion and in connivance with each other, hatched a conspiracy and forged and fabricated documents including one affidavit and a power of attorney which were alleged to have been executed by one of the Bagla’s family member i.e. Mr. Bhupendra Bagla for mortgaging leased property situated at E-41/4, Okhla Industrial Area, Delhi against a unsecured loan and on the basis of which the Bank initiated recovery proceeding before the Ld. DRT.

The aforesaid loan was not a secured loan which was later on confirmed by the Kotak Mahindra Bank Limited vide there letter dated 12/11/2019.

However, during the course of investigation, it was informed by Kotak Mahindra Bank Ltd that Bhupendra Bagla executed a Power of Attorney in favour of Bank and thereby mortgaged the said property and he also filed an affidavit in this regard which states that he was an absolute owner of the said property. However, Bank did not provide original copies of the said Power of Attorney and Affidavit allegedly

executed by Mr. Bhupendra Bagla and stated that they were having only photocopies of the same. by a letter dated 11/11/2009 the Kotak Mahindra Bank misrepresented to the police that the allegations in the said FIR No. 149/2009 (against Mr. Bhupendra Bagla) are correct and the said loan is Cogent Ventures India Limited.

But very next day, by way of subsequent letter dated 12/11/2009, Bank informed that said property was not mortgaged by Bhupendra Bagla and loan was given to the company Cogent Ventures India Ltd as ‘Unsecured Loan’ on the basis of Bank account transaction and status of the said company. The officers of the bank are clearly making such false statements at the instance of their higher management, who was acting in conspiracy with other persons to get hold of the property. It is pertinent to mention here that both the above letters dated 11/11/2009 and 12/11/2009 are contradictory to each other and state very different fact which itself proves that the bank has fraudulently forged and conspired against the Bagla’s family to grab the Okhla property. The brief facts of the case are mentioned hereunder :

1. Mr. Virendra Kumar Sharma, owner of a property situated at E- 41/4, Okhla Industrial Area, Delhi (hereinafter referred as the “said property”) had filed a complaint before Commissioner of Police, Delhi, against Mr. Bhupendra Bagla alleging that Mr. Bagla has mortgaged his property to Kotak Mahindra Bank Limited for a loan of Rs. 50 lacs which had been taken by one Company Cogent Ventures India Ltd. whereas Mr. Virendra Sharma has given his property on lease to another company Cogent EMR Solutions Limited in which Mr. Bhupendra Bagla was one of the director.

2. The said complaint of Mr. Virendra Sharma was culminated into an FIR No. 149/09 dated 15/10/2009 at PS Barakhamba Road, New Delhi. Subsequently Kotak Mahindra Bank Ltd. also filed a complaint at PS Barakhamba Road, New Delhi against Mr. Bhupendra Bagla regarding forging of two documents i.e. one affidavit and one Power of Attorney allegedly executed by Mr. Bhupendra Bagla. However, the complaint of Kotak Mahindra Bank Ltd. was not registered by PS Barakhamba Road.

3. During the course of investigation, it was informed by Kotak Mahindra Bank Ltd that Bhupendra Bagla executed a Power of Attorney in favour of Bank and thereby mortgaged the said property and he also filed an affidavit in this regard which states that he was an absolute owner of the said property. However, Bank did not provide original copies of the said Power of Attorney and Affidavit allegedly executed by Mr. Bhupendra Bagla and stated that they were having only photocopies of the same.

4. It is stated that by a letter dated 11.11.2009 the Kotak Mahindra Bank misrepresented to the police that the allegations in the said FIR No. 149/2009 are correct and the said loan is Cogent Ventures India Limited.

5. It is also submitted that very next day, by way of subsequent letter dated 12/11/2009, Bank informed that said property was not mortgaged by Bhupendra Bagla and loan was given to the company Cogent Ventures India Ltd as ‘Unsecured Loan’ on the basis of Bank account transaction and status of the said company. The officers of the bank are clearly making such false statements at the instance of their higher management, who was acting in conspiracy with other persons to get hold of the property. It is pertinent to mention here that both the above letters dated 11/11/2009 and 12.11.2009 are contradictory to each other and state very different fact which itself proves that the bank has fraudulently forged and conspired against the Bagla’s family to grab the Okhla property.

6. It is submitted that Charge sheet dated 24/05/2011 in FIR No. 149/09 was filed before the MM Court for taking the cognizance against Bhupendra Bagla U/s 420/467/468/471 of IPC.

7. The Court later discharged Mr. Bhupendra Bagla on 10/12/2018 in FIR No. 149/09 after conducting trial in the matter and it ultimately revealed that Mr. Bhupendra Bagla was falsely implicated in said case. The Court has taken view in their said order dated 10/12/2018 that -

“This Court is of the considered view that in view of the subsequent letter of Kotak Mahindra Bank Ltd., it is clear that loan was not given to accused Bhupendra Bagla on the basis of mortgage of property of complainant and same was given on the basis of status of his company and bank account transactions.

In these circumstances offence under Section 420 IPC is not made out. So far as section 467/468/471 IPC is concerned as per FSL result no opinion has been given on the affidavit or GPA as original were not submitted for examination. In these circumstances no offence is made out. Accordingly, accused Bhupendra Bagla is discharge for the offence under Section 420/467/468/471 IPC.”

8. It is submitted that Mr. Bhupendra Bagla has filed a complaint before PS Barakhamba Road, New Delhi on 17/06/2015 against Kotak Mahindra Bank & others for forgery of documents however, no FIR was registered by PS Barakhamba Road, New Delhi. Thereafter, complainant Mr. Bhupendra Bagla filed his complaint before M.M., Patiala House Courts, New Delhi U/s 156(3) Cr. PC along with complaint U/s 190 read with Section 200 of Cr.PC against Kotak Mahindra Bank Ltd. & others with charges under Section U/s 420/464/465/467/471/120B/ 34/109 of IPC. The Ld. M.M., Patiala House Courts, New Delhi, on 14.10.2019 has issued directions to Police Station, Barakhamba Road, New Delhi for registering an FIR against Kotak Mahindra Bank Ltd and six other accused including Mr. Uday S. Kotak, MD & CEO, in the matter of a complaint filed by Mr. Bhupendra Bagla under Section 156(3) read with Section 200 of Cr. PC.

9. Further, the Ld. Court in its order dated 14.10.2019 has clearly mentioned in its order, the submissions made by the complainant as under -

“…..it is submitted that as dispute had arisen with proposed accused no. 7 regarding the said property, so proposed accused no. 7 in order to achieve his goal in connivance with other accused persons filed a false and frivolous complaint against complainant (i.e. Mr. Bhupendra Bagla) at PS and alleged that concerned company fraudulently took the loan by creating charge on his property and on his complaint FIR No. 149/09 was registered and in said case complainant was arrested and later was granted bail. It is submitted that complainant was falsely implicated in said case. …”

So, a Conspiracy and forgery of documents by Kotak Mahindra Bank Ltd. & its associates and Mr. Virendra Sharma has been revealed after the trail of the matter.

10. Further, it is also mentioned in Court order dated 14.10.2019 as- “It is submitted that Complainant (Mr. Bhupendra Bagla) was director of said company (Cogent EMR Solution Ltd.), however, he resigned from directorship of the said company on 28.04.2008 and also resigned from directorship of another group company i.e. Cogent Ventures (India) Ltd. it is submitted that during directorship of complainant of Company Cogent Ventures (India) Ltd. representative of proposed accused no. 6 approached said company with various schemes of loan and they offered an unsecured loan of Rs. 50 lakhs and due to inducement on the part of proposed accused no. 6, Cogent Ventures (India) Ltd. agreed to avail unsecured loan of Rs. 50 lakhs, which was sanctioned and disbursed for a period of 36 months. It is submitted that earlier instalments were paid timely by concerned company, however, after some time due to some business issue some instalments could not be paid in time.

So, in order to create pressure for repayment of loan proposed accused no. 1 to 6 in connivance with each other forged and fabricated two documents i.e. one affidavit and one POA (power of attorney), allegedly executed by complainant and on the basis of said documents proposed accused persons initiated recovery proceedings before DRT. It is submitted that later concerned company discharged the entire loan and compromise took place between the concerned company and proposed accused bank and in the compromise proposed accused bank specifically admitted that property bearing no. E-41/4, Okhla Industrial Area was not mortgaged by concerned company with the bank and loan was unsecured loan. ….”

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ONE MORE COMPLAINT FOR MALICIOUS PROSECUTION AND DEFAMATION BY BAGLA FAMILY, AGAINST KOTAK MAHINDRA BANK AND OTHERS INCLUDING UDAY S. KOTAK AND ANAND MAHINDRA.

After registration of an FIR for committing fraud and forgery by Kotak Mahindra Bank and others including Uday S. Kotak and Anand Mahindra, Bagla family has also filed a complaint with the Court of Chief Metropolitan Magistrate, New Delhi, under Section 200 r/w 190 Cr. P.C. for taking cognizance of offences Committed U/s 211 (IInd Part), 499/500, 501, 502 r/w 120B/34 IPC, against Kotak Mahindra Bank Ltd & others.  

In the complaint apart from one Virendra Kumar Sharma, Kotak Mahindra Bank and its Directors & Company Secretary and other officers namely Mr. Uday Suresh Kotak, Managing Director, The Regional Manager, Kotak Bank (Delhi & NCR), Mr. Anand Mahindra, Mr. Shivaji Dam, Mr. Chengalath Jayram, Dipak Gupta, Ms. Bina Chandarana, Company Secretary, Mr. Chandra Shekhar Prasad (The Then Deputy Manager, Legal),  Mr. Sanjay Kumar, Officer, Kotak Bank and CVIL Infra Limited and Bennett Coleman & Company Ltd., were made accused.

It has been alleged in the complaint that the above named accused in connivance with the each other, falsely implicated one Bhupendra Bagla  son of Dr. Santosh Kumar Bagla (a renowned business family based at Mumbai & Delhi) in a criminal case by using forged and fabricated documents  created and used by the above named accused.  

It has been further alleged in the complaint that the averments made by the accused in this regard has resulted in multiple litigations and publication, which are public documents and due to such malicious publication and false allegations, the reputation of complainant and Dr. Bagla’s family, got tarnished in the eyes of their friends, employees, business relations etc. It has been also alleged that the credibility built by the Complainant over a span of time, has been shattered due to leveling the false, frivolous, fictitious and baseless allegations against the complainant. The Court has been prayed to take cognizance of the matter and also prayed to punish the named accused as per law.

The matter was listed before the Court of Metropolitan Magistrate, Patiala House Courts, New Delhi wherein the Court has directed the complainant to file certified copies of the judicial record as relied upon and FIR lodged on the complaint of the accused, before the next date of hearing.

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Here is a biggest news of Kotak Mahindra Bank Scam. Beware from fraud banks!

It’s a moral & legal responsibility to any bank to never make its customer's paper available to any other person. But Kotak Mahindra Bank had given to the fake and false official’s documents to the owner of Okhla property, Mr. Virendra Sharma & provoked him to lodge a case against the customer (Dr. Santosh Kumar Bagla).

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Response by Dr. Santosh Bagla on KMBL’s statement on RBI’s Direction. To know more about Dr. Santosh Bagla visit our website today !!

Bank scams or disturbances cannot be ignored by blaming some fugitive economic accused or NPA. Without the collusion of financial / bank institutions, it is useless to imagine such a huge economic loss. Dr. Santosh Kumar Bagla says that it is unfortunate that as soon as such disturbances arise, people of these institutions or important people in other positions get involved in divert the case, as if it is their personal matter. Unless we identify them and punish them harshly, it is futile to expect any improvement.

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FRAUDS & IRREGULARITIES OF KOTAK MAHINDRA BANK : AS CLAIMED BY CUSTOMERS

Some old customers of Kotak Mahindra Bank have filed complaints of fraud, forgery and illegalities against its Directors and officials with police and to various higher authorities. The complainants are named as Dr. Santosh Kumar Bagla, his wife  Smt. Pushpa Bagla and son Bhupendra Bagla S/o Dr. Santosh Kumar Bagla.

The customers are a Business family established in Mumbai has filed the complaint for hatching a conspiracy by the officials of Kotak Mahindra Ban in collusion with one Mr. Virendra Kumar Sharma, the owner of a property at New Delhi.

The Property was taken on lease by one Cogent EMR solutions Ltd for a monthly rent of Rs. 4.50 lacs for a period of 14 years. The officials of Kotak Mahindra Bank themselves had an evil eye on the said Property and wanted to get the same for Kotak Mahindra Bank’s own office use. For achieving their ill design and to grab the well furnished property at a lower rental cost, these person, made a plan to throw out the company Cogent EMR Solution Ltd from the said premises and allured and trapped the said company by offering and sanctioning some business loan as unsecured loan.

It has been alleged that as part of their plan, the Kotak Mahindra Bank approached to a company Cogent Ventures (India) Ltd which is a sister concern of Cogent EMR Solutions Ltd. and offered them an unsecured loan of Rs. 50 lakhs on the basis of net worth of the Company. The Company Cogent Ventures (India) Ltd has been a listed company having its net worth approx Rs. 50 crores. The said unsecured loan of Rs. 50 lakh was a meager sum in comparison to the net worth of the said company.

Lured by Kotak Mahindra bank’s offer, the owner informed the Bank about the tenant Cogent EMR Solutions Ltd. and the remaining period of tenancy. The Bank in connivance with the above named person, hatched a conspiracy to dispossess the tenant company from the said Premises.

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Dr. Santosh Kumar Bagla filed an FIR against Kotak Mahindra Bank CEO Uday Kotak and MD in case of fraud. So, if you stuck in any bank fraud case visit bankfraud.co.in for the best convenience.