Latest news with #AbhayLodha
Hindustan Times
18-06-2025
- Business
- Hindustan Times
UCO bank fraud: CBI court refuses to discharge Topworth director
MUMBAI: A special CBI (Central Bureau of Investigation) court refused to discharge Abhay Lodha, the director of Topworth Steels and Power Pvt Ltd, from a cheating and criminal conspiracy case for allegedly causing losses worth ₹74 crore to UCO Bank. The FIR was registered against M/s Akshata Mercantile Private Ltd (AMPL) and unknown UCO Bank officials after the company submitted four bills worth ₹74 crore under Letter of Credit (LC), which were diverted to Topworth Steels. The case was registered based on a complaint by the general manager and zonal head of the public sector bank, alleging that the office bearers of AMPL and certain bank officials cheated the bank to the tune of ₹74.82 crore. As per the CBI, UCO bank had discounted bills worth ₹74.82 crore, which was diverted by AMPL to Topworth Group of Companies. One of the receiving companies refused to accept these bills stating that the documents were not as per LC. The bills remained unpaid, causing a loss of ₹74.82 crore to UCO bank. The prosecution alleged that the request letters were prepared at the behest of Lodha. The discharge plea observed that Lodha was falsely implicated in the case since he is neither the director nor engaged in the day-to-day affairs of AMPL. Merely because Lodha was the guarantor to the LC does not implicate him in the conspiracy, submitted the defence, adding that there was no evidence to show on record that funds were being diverted. However, the court observed that even if Lodha is not the director of AMPL, the investigating officer had collected material to show that AMPL was a company of the Topworth group, of which Lodha was the chairman. 'He has direct control over the business affairs of M/s. AMPL. Throughout the investigation, it was revealed that Mr Abhay Lodha was the prime accused and without his indulgence, the crime could not have been committed,' the court said. In an order passed on June 12, the court further said that the material placed on record shows that there was criminal intent behind certain acts of Lodha with regard to the bank.
NDTV
17-06-2025
- Business
- NDTV
Court Refuses To Discharge Businessman Abhay Lodha In Alleged Bank Fraud Case
Mumbai: A special CBI court in Mumbai has refused to discharge businessman Abhay Lodha in an alleged bank fraud case, saying that his "positive involvement" in the crime was apparent. The Central Bureau of Investigation has alleged that Lodha, along with other accused, conspired with bank officials to defraud UCO Bank of Rs 74.82 crore. Lodha is the promoter and MD of Topworth Steels and Power Private Limited (TSPPL) and Topworth Group. His discharge plea was rejected by the special CBI Judge V P Desai last week. The court noted that the investigating has revealed that he is "the prime accused" in the case and "without his indulgence the crime could not have been committed". "At all material stages of the crime there is positive involvement of Lodha," noted the order, available on Tuesday. It highlighted that the material placed on record "will show that there is criminal intent". Based on the complaint filed by the UCO bank, the CBI had in 2018 registered a case against Lodha and other accused including office- bearers of a firm Akshata Mercantile Private Limited (AMPL). CBI has alleged AMPL, a Topworth Group company promoted by Lodha, diverted Rs 74.82 crore obtained from discounted LCs (letters of credit) at UCO Bank to other companies of the group. A part of the loan amount (Rs 43 lakh) was used to pay the EMI of a home loan in the name of Abhay Lodha and Ashwin Lodha, it said. Lodha in his discharge plea claimed he was "innocent and falsely implicated in the case", and he was neither a director of AMPL nor was he involved in its day-to-day affairs. UCO Bank was in the process of one-time settlement with AMPL which can be verified from the bank as it is part of their internal communication, the defence argued. CBI, represented by special public prosecutor Anoop Yadav, opposed the application, saying there is prima facie involvement of the accused in the crime. The prosecution stated that Lodha is charge-sheeted in six similar cases involving fraudulent LC facilities from various banks. The court after hearing both the sides held that Lodha may not be the director of AMPL, but the investigating officer has collected material disclosing that the said company was part of Topworth Group Companies, of which he was chairman. He has direct control over the business affairs of AMPL, the order stated. The charges by no stretch of imagination "can be considered to be groundless", the court concluded, while rejecting his plea.
Time of India
17-06-2025
- Business
- Time of India
74.8cr bank fraud case: Court rejects firm MD's discharge plea
Mumbai: Observing that the material placed on record shows there was criminal intent in his acts that led to defrauding UCO Bank of Rs 74.8 crore, a special CBI court rejected the discharge plea of Abhay Lodha, promoter and MD of Topworth Steels and Power and Topworth Group. Tired of too many ads? go ad free now The judge said while Lodha may not be the director of Akshata Mercantile Pvt Ltd (AMPL), allegedly involved in the fraud, the investigating officer collected material that showed it was a firm in Topworth Group of Companies, of which he is the chairman. The judge said he has direct control over AMPL's business affairs. "Throughout the investigation, it was revealed that Abhay Lodha was the prime accused and without his [involvement], the crime could not have been committed. " An FIR invoking cheating charges was lodged against Lodha in 2020. Opposing the discharge plea, the CBI said Lodha has been named in chargesheets of six cases. "The modus operandi in all the cases is similar... Abhay Lodha incorporated various companies by making his employees or friends as its directors and fraudulently availed LC (letter of credit) facilities from various banks. Subsequently, without any genuine underlying transactions, these companies submitted the LC-backed bills, along with forged lorry receipts, for discounting, and the discounted proceeds of the bills were utilised for the purpose of companies of Topworth Group controlled by Abhay Lodha," it said. It was alleged that Rs 43 lakh from the defrauded sum was used to pay EMIs of a Union Bank of India home loan in the names of Lodha and co-accused Ashwin Lodha. The court pointed to the statement of the bank's chief manager, who handled the vigilance department, saying there was large-scale unauthorised fund movement in the account of Topworth Group of Companies by way of unauthorised LC discounting.
