As per report in Times of India, DBS has registered a complaint against Bengaluru-headquartered Opto Circuits (India) Limited, a medical technology company, alleging the latter defaulted on a Rs 178 crore loan and also falsified information in its audit.
DBS alleged that the firm, which is an export-oriented company, provided wrong information to the Securities and Exchange Board of India (SEBI), income tax department and other regulatory bodies in India. Nine people, including the company’s founder Vinod Ramnani and chartered accountant BV Swamy, have been named as accused.
The complaint was filed by Nitin Parmar, an employee at DBS’ Mumbai branch in Nariman Point. He said the cheating was unearthed when bank officials went through the audited copies of the bank balance sheet for 2015-2016.
“The firm’s auditor had intentionally hidden the fact that there was a mammoth bank loan against the firm. The balance sheet had no mention of the loan taken during 2008. When we checked, we discovered the firm had told its investors they had repaid the full loan by selling a property in Singapore. This was a false claim. Similarly, the same balance sheet was submitted to SEBI and the I-T department,” the complainant said.
