CBI files FIR against Bollywood producer Bunty Walia in loan fraud case

The CBI said the FIR was filed in connection with embezzlement and criminal breach of trust by GS Entertainment Pvt. Ltd (GSEPI), and its director and promoter

Publication date – 00:59, Mon – 29 May 23

New Delhi: The Central Bureau of Investigation (CBI) has filed an FIR against Bollywood producer Bunty Walia and others in connection with a loan fraud case, an official said on Sunday.

It was alleged by IDBI bank that the loan was taken for Sanjay Dutt’s starring film ‘Lamhaa’.

The FIR was filed after the CBI received a complaint from IDBI Bank. Bunty Walia, as well as a certain Stany Saldanha, were named defendants in the FIR.

The CBI said the FIR was filed in connection with embezzlement and criminal breach of trust by GS Entertainment Pvt. Ltd (GSEPI), and its director and promoter.

GSEPI was assisted with a Foreign Currency Loan (FCL) of $2.35 million (then equivalent to Rs 1,000 lakh) and a Rupee Term Loan (RTL) of Rs 495 lakh in June 2008 under the film funding program for the production of Hindi film “Lamhaa”. Dholakia stars Sanjay Dutt, Bipasha Basu and Kunal Kapoor in the main cast.

According to the original schedule, the film was to be released in May 2009. The film’s release was delayed due to a dispute between promoters and exhibitors starting in March 2009.

Therefore, the account became NPA on September 30, 2009.

Since GSEPL failed to release “Lamhaa”, IDBI Bank took the initiative to release the film by naming PVR Pictures Pvt. (PVR), as the sole distributor for the worldwide release of the film, subject to the execution of an appropriate tripartite agreement between GSEPL, PVR and IDBI Bank, together with a commitment by PVR to invest an amount of Rs 800 lakh to meet printing and publicity expenses and completion of remaining post-production work.

“Subsequently, a tripartite agreement was signed between the bank, GSEPL and PVR on June 2, 2010. However, PVR failed to honor its commitment as it had supposedly incurred losses of Rs. 83.89 lakh ( the total revenue received by them was Rs 741.91 lakh as against the expenses incurred by them for promotion/distribution amounting to Rs 825.80 lakh),” the FIR reads.

The cost of the project was wrongly overstated with the intention of getting more financing from the bank.

“It was concluded that according to the audited results of 2011, GSEPL received Rs 752 lakh in accordance with clause 3.1 of the film distribution agreement in another account maintained with another bank and Rs 52 lakh uncollected at the box office. The above findings, prima facie, reveal that GSEPL committed fraud, cheating, file manipulation; embezzlement of public funds, misrepresentation and criminal breach of trust. In view of the above findings, the GSEPL account was declared fraudulent by IDBI Bank on March 31, 2021 and reported to RBI on April 20, 2021,” the FIR reads.

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