Case filed against Bunty Walia in 119 crore fraud case, bank accuses producer
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The bank has claimed that the Sanjay Dutt and Bipasha Basu starrer was originally planned to release in 2009, but due to a dispute between the promoters and the exhibitors, its release got stuck. After this, on September 30, 2009, this account also became a non-performing asset. The Bank appointed PVR as the distributor for the worldwide release of the film in settlement of a tripartite agreement between GSEPL, PVR and the private bank. Also took a commitment from PVR that he would invest Rs 8 crore for post-production work.
Bank accused of manipulation
Now the bank alleges that PVR failed to live up to its commitment. He suffered a loss of about Rs 83.89 lakh. Because the total earning of the company was only Rs 7.41 crore while it spent Rs 8.25 crore on promotion and distribution. The bank alleged that a forensic audit revealed that the company submitted a ‘fake utilization certificate’, diverted the bank’s funds and manipulated the account books.
Case on Bunty Walia’s company
He has accused GSEPL of cheating, forgery, falsification of records, misappropriation of public money, misrepresentation and criminal breach of trust, which resulted in the loan being declared fraudulent. The CBI has registered a case against Walia, GSEPL and others in the case under Indian Penal Code (IPC) sections related to criminal conspiracy, cheating and forgery as well as provisions of the Prevention of Corruption Act.
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