CBI books Nimbus Communications, its 3 directors in bank fraud case

New Delhi: The Central Bureau of Investigation (CBI) has registered a case of fraud against Nimbus Communications Ltd and its three directors - Harish K Thawani, Shoba Harish Thawani and Akash Chandra Khurana - in a bank fraud case.

The case was registered by the CBI on September 30 this year on the basis of a complaint lodged by the Indian Overseas Bank in May.

The CBI said that a written complaint was received from the Indian Overseas Bank (IOB) against Nimbus Communication Ltd, Mumbai, Harish K Thawani, Shobha Harish Thawani, and Akash Chander Khurana, all directors of the company, for defrauding it to the tune of Rs 76.34 crore in pursuance of criminal conspiracy with unknown persons and public servants with a view to cheat IOB during the period between 2011 and 2013.

The agency said that Nimbus Communications is a media services company involved in sports broadcasting and entertainment.

It said that Nimbus Sports, one of the associates of Nimbus Communications, had won the bid to acquire all rights pertaining to the Asia Cup Cricket held in 2014.

"Nimbus Communications Ltd was enjoying various credit facilities like term loan of Rs 125 crore sanctioned on July 21, 2011. The term loan was restructured in March 2012 with a limit of Rs 100 crore and thereafter on December 30, 2012, SBLC (Stand By Letter of Credit) facility to the tune of $65,07,000 was extended in favour of the Asia Cricket Council of India," the FIR stated.

However, Nimbus Communication failed to repay the complete loan amount and rather has dishonestly and fraudulently diverted the said amount to clear its loan liability with India Infoline, it alleged.

It further said that the company used the loan amount for purposes other than for which it was sanctioned, resulting in a wrongful loss to the complainant bank.

The account was declared NPA on March 30, 2012 and was declared as fraud on November 27, 2019 and was reported to the RBI on the basis of forensic audit conducted by the bank through Suresh Jha and Co, for the period 2010-11 to 2013-14, it said.

It further said that the outstanding amount as shown in the aforesaid complaint is Rs 76.34 crore.

However, out of the total outstanding amount of Rs 76.34 crore, Rs 42.54 crore was deposited towards payment of SBLC invocation, with the Mumbai High Court, on the directions of the Supreme Court, and thus only Rs 33.82 crore has been taken due for re-payment.

Hence, the unpaid amount of Rs 33.82 crore has been treated as the actual wrongful loss caused to the IOB, it added.