ICICI Bank: FIR against ICICI; The JM unit was cut short in the alleged fraud. | Techno Glob


The Bombay High Court on Monday dismissed the first information report filed by a hotelier against ICICI Bank, the Mumbai police. the attorney representing JM Financial Asset Reconstruction Company and its senior executives; The bank said.

The bank and its executives, including four former bankers, had approached the court to quash the FIR registered in 2021 and initiated police proceedings.

“The court saw through the complaint and concluded that there was no merit in allowing our appeal and quashed the frivolous complaints registered with the EOW. This order can be exemplary especially in cases where most senior citizens and frivolous cases are filed. Bank officials to settle scores.” said Zulfiquar Memon of MZM Legal, who appeared for the bank and its former employees along with senior counsel Ashok Mundargi and Abad Ponda.

Order details were not immediately available. Vishal Sharma, director of Hotel Horizon Pvt Ltd in Suburban Mumbai, could not immediately be reached for comment as the bank filed the complaint.

Sharma promised ICICI Bank and four former and two current employees a loan totaling ₹351 crore in 2011 to build a luxury hotel with the two lenders as collateral for assets worth ₹1,200 crore.

According to him, Citing an FIR, the ET had reported last November that even before signing an agreement or sanctioning a loan, the executives had recognized the loan amount in the bank’s books to show the profit.

Sharma demanded payment of ₹65 crore as the first installment of the loan, but the bankers, who were part of the management committee, presented a “wrong proposal note” before the credit committee to disburse ₹25 crore immediately. The FIR has been claimed. The bank deducted ₹ 15.5 crore from this as withdrawal charges and Sharma earned ₹ 9.5 crore, he said.

Sharma later alleged that the bank executives harassed him to pay ₹47.37 crore. “If this amount is not paid, the processing fee and interest amount will not be refunded,” according to the FIR.

He said the loan was sold to ARC in September 2016. ARC then demanded ₹120 crore from the complainant, the FIR said.

“They also said that 80% of the recovered amount will be paid to ICICI Bank. While the bank was disbursing Rs 9.5 crore, they were demanding Rs 120 crore,” the FIR alleged.

He lodged an FIR at BKC police station from where he was transferred to EOW in 2021. The bank moved the court.

In came Ravi Kadam, senior counsel for JM Financial ARC and Amit Jajoo of Indus Law, which acquired the hotel operator’s loan account from ICICI Bank.



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