Filmmaker Bunty Walia, who made films like ‘Lamhaa’ and ‘Hello Brother’, has been booked by the CBI for cheating the bank.’.
CBI has registered a case against filmmaker Bunty Walia on charges of cheating, forgery, falsification of records, misappropriation of public money, misrepresentation and criminal breach of trust. In fact, Bunty Walia has been accused of defrauding IDBI Bank of Rs 119 crore. Officials said that in June 2008, Bunty Walia had taken two loans on personal guarantee. Bunty Walia’s company GS Entertainment Pvt Ltd had issued a foreign currency loan of $2.35 million and an RTL of Rs 4.95 crore as a finance scheme for the making of Sanjay Dutt and Bipasha Bas’ film ‘Lamhaa’.
Now IDBI Bank has claimed that as per the plan, the film ‘Lamha’ was to be released in the year 2009 but before the release of the film there was a dispute between the promoters and the exhibitors, after which the release of the film got stuck. Due to non-release of the film on time, this account became a non-performing asset from 30 September 2009. Thereafter, the bank appointed distributors to PVR to release the film worldwide as per the settlement agreement between GSEPL, PVR and the private bank. Along with this, a commitment was also taken from PVR that it would invest Rs 8 crore for post production work. However, PVR could not live up to its commitment.
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