Bengaluru: Two cheating cases have been registered against a medical technology company by a public and a private bank accusing the company of defaulting on a Rs 178-crore loan and fabrication of information in its audit.
Complaints have been registered against Opto Circuits (India) Ltd. (OCIL) with both Central Bureau of Investigation (CBI) and the Halasuru police.
The police have filed a FIR against nine people, including the company’s founder Vinod Ramnani and chartered accountant BV Swamy, as the accused.
According to a complaint filed by Nitin Parmar, an employee at the DBS’s Mumbai branch in Nariman Point, OCIL provided wrong information to Securities and Exchange Board of India (SEBI), Income Tax Department and other regulatory bodies in India.
The complainant accused OCIL of intentionally hiding facts about the company’s bank loan and fabricating its balance sheet. "The company's balance sheet had no mention of the loan taken in 2008. It had told its investors that they had repaid the loan by selling a property in Singapore, which was a false claim. Similarly, the same balance sheet was submitted to SEBI and the I-T department,” Parmar said in his complaint.
Following the complaint, the police have booked a case under IPC Sections 120B (Criminal Conspiracy), 34 (Common Intention), 420 (Cheating) and 477A (Falsification of Accounts)....