Economic Fraud
CBI Books UK Based Company Molinare And Directors In Rs 192 Cr Bank Fraud
NEW DELHI: The Central Bureau of Investigation (CBI) has registered a case against UK based entertainment and medic company on a complaint from Bank of India against a private company and its directors for causing an alleged loss of Rs 192.48 crore to Bank of India.
The company – Molinare Limited and its directors of the company Prabodh Kumar Tewari, Abhishek Tewari and Anand Tewari were said to have been engaged in activities relating to post-production services in the entertainment and media industry.
It was alleged in the complaint that the said accused had cheated the Bank of India by submitting fabricated invoices without having any genuine business transactions for availing the loan funds and thereafter diverting the same.
Searches were conducted on Thursday at two locations in Delhi on the premises of the accused which led to the recovery of incriminating documents.
In the most recent case, an investigation into Molinare Limited’s holding pattern revealed that Century Communication Europe Limited, a wholly owned subsidiary of Century Communication Limited, had acquired 76 per cent of Molinare Productions Limited, which held 100 per cent of Molinare Holdings Limited, which held 100 per cent of Molinare Limited. According to allegations, Tewari and his sons controlled and operated all of these businesses.
Molinare Limited, a privately held post-production facility in the United Kingdom, was founded in November 1973.
The company sought the Bank of India’s London branch for credit facilities to expand, upgrade, and replace its existing equipment, as well as to take over the Royal Bank of Scotland’s then-existing working capital facilities.
The financing began in November of 2008. However, in May of 2012, the loan account became a non-performing asset.
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