CBI Closes Bank Fraud Case Against Nimbus Communications

New Delhi, Sep 19 (PTI) The CBI has closed the alleged bank fraud case against entertainment and sports broadcast company Nimbus Communications after its probe did not find any "deception" on part of the company during the loan process, officials said Thursday.

In its closure report filed before a Mumbai special court within a year of registering an FIR, the Central Bureau of Investigation (CBI) has submitted that there was no evidence of any "dishonest concealment of any fact" or "misrepresentation of fact" on the part of the company during the loan process, they said.

The CBI registered an FIR on September 30, 2023, against the company, its directors and other unidentified persons for allegedly defrauding Indian Overseas Bank to the tune of Rs 76.34 crore. The agency had acted on a complaint from the bank.

The CBI said the company made a proposal for repayment of Rs 100 crore and requested the bank to defer a payment of Rs 125 crore.

It said the bank did not take any notice to this proposal; rather, a plan was chalked out to sanction a fresh loan of Rs 125 crore instead of a deferment as this would have caused slippage of the account into a non-performing asset.

There was no dishonest and fraudulent intention on the part of the company or its directors, the CBI said.

During a recent court proceeding, the bank also accepted the closure report and raised no objections to it.

The special court accepted the closure report as there was no objections from the complainant bank.