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India’s Central Bureau of Investigation (CBI) has opened a fraud inquiry into Nimbus Communications Ltd and three of its directors based on a complaint filed by Indian Overseas Bank for allegedly defrauding it of more than INR 76 crore (USD 13.8 million).
Nimbus Communications is a media services company which has operated two sports channels and won broadcasting rights for cricket matches.
In its complaint, Indian Overseas Bank alleges that Nimbus Communications and Directors Harish K Thawani, Shoba Harish Thawani, and Akash Chandra Khurana conspired with unknown persons and public servants with the intention of cheating the bank between 2011 and 2013.
According to NDTV, Indian Overseas Bank’s complaint contends that Nimbus Communications benefited from various credit facilities, including a INR 125 crore term loan in 2011 and thereafter in December 2012 a USD 6,507,000 standby letter of credit facility was extended in favour of Asia-Cricket Council of India.
Instead of repaying its loan amount, IOB further avered that Nimbus Communications “dishonestly and fraudulently diverted the said amount to clear its loan liability with India Infoline”. In 2012, the Nimbus Communications account was declared a Non- Performing Asset (NPA) and as fraud in 2019.
Source: NDTV