FIR against Lakshmi Vilas Bank board members for 'cheating, conspiracy'

The FIR is based on a complaint filed by Religare Finvest Limited (RFL) pertaining to adjustment of their deposits to the dues of RHC Holding Pvt. Ltd and Ranchem Pvt Ltd

The Economic Offences Wing in New Delhi has registered a First Information Report (FIR) against members of the Lakshmi Vilas Bank (LVB) board. 

The FIR was filed under 'Complaint for offences of cheating, criminal breach of trust by banker, criminal misappropriation, and criminal conspiracy under the Indian Penal Code,1860' against the directors of the LVB board, Connaught Place, New Delhi among others. 

It is based on a complaint filed by Religare Finvest (RFL), pertaining to adjustment of their deposits against the dues of RHC Holding and Ranchem. The Bank said it is considering appropriate legal measures to counter the same. RFL, in a filing on May 16, had said: “The new management discovered that one of the major reasons for RFL’s terrible financial condition was the misappropriation by LVB of monies that were due to RFL, on account of four fixed deposits placed by it with LVB amounting to approx Rs 791 crore.”