The FIR has been registered against NBFC, namely India Infoline Finance Limited (now IIFL Finance Ltd.), concerning the wrongful withdrawals of 70 crores from the accounts of the Developer Company, Baya Weaver Ltd. Taking serious note of the illegal withdrawals made by the NBFC, India Infoline Finance Ltd, the Court of CJM, Gautam Budh Nagar has vide its order dated 06.03.2021, directed the registration of an FIR under the provisions of Section 406/409/420 and 120-B IPC against various officials of India Infoline Finance Ltd., including its group companies’ chairman Nirmal Bhanwarlal Jain and 16 other employees from the top management of the NBFC. The case was filed after Mr. Arun Kumar, Director of Developer Company; Baya Weaver Limited filed a complaint against IIFL concerning the misappropriations and illegal withdrawals committed by IIFL from the developer’s escrow account, which were in its control.
As per Adv. Bhupendra Sharma, to finance the project “Oh My God” in Sector-129, Noida, UP, developed by Baya Weaver, a loan was taken by Alisa Infratech Pvt. Ltd, the land-owner of the project, from India Infoline Finance Ltd. During the tenure of the loan, India Infoline Finance Ltd. (in conspiracy with Vistra ITCL (India) Ltd.) fraudulently withdrew a sum of Rs 70 crores from the account of Baya Weavers Ltd. and transferred the same to its own account, thereby misappropriating the same.
The FIR names the group chairman, Nirmal Bhanwarlal Jain, the Managing Partner, and Chief Investment Officer, Mr. Balaji Raghavan, and the Senior Vice President, Mr. Anurag Solanki, amongst others for the above offences. The FIR also names eight other employees of the NBFC and the debenture trustee company—Vistra ITCL (India) Ltd.
As per Adv. Sharma, the accounts of IIFL are already under examination by SFIO in the NSEL scam. SEBI has vided its reports dated 22.09.2019 held that IIFL group of companies is unfit for trading in commodities. Similarly, the EOW Delhi has registered