Producer Bunty Walia booked by CBI in Rs. 119 crores bank fraud case

The Central Bureau of Investigation (CBI) has booked film producer Jasprit Singh Walia, popularly known as Bunty Walia, in connection with a case of alleged bank fraud. The case, which has allegedly caused a loss of over Rs. 119 crores to IDBI Bank, has raised serious concerns in the film industry.

 

Producer Bunty Walia booked by CBI in Rs. 119 crores bank fraud case

 

As per a report by PTI, the complaint filed by IDBI Bank accuses GS Entertainment Private Limited (GSEPL), a film production company, of obtaining financial loans under fraudulent circumstances. The bank alleges that in June 2008, GSEPL was sanctioned a Foreign Currency Loan (FCL) of USD 2.35 million (equivalent to Rs. 10 crores at the time) and a term loan (RTL) of Rs. 4.95 crores under the Film Financing Scheme. These loans were granted for the production of the Hindi film Lamhaa, featuring Sanjay Dutt and Bipasha Basu, with Bunty Walia and others providing personal guarantees.

 

The bank's complaint further reveals that the film was originally scheduled for release in 2009. However, it faced significant delays purportedly due to a dispute between the promoters and exhibitors from March 2009, as per the allegations made by the IDBI Bank.

 

The CBI's booking of Bunty Walia in this case signifies a significant development in the investigation into the alleged bank fraud.

 

As the investigation progresses, industry insiders and the general public will keenly await further updates on the case, seeking justice and closure regarding the alleged fraudulent activities surrounding the production of Lamhaa and the subsequent financial loss incurred by the IDBI Bank.

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