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According to a statement, an FIR No. 0120/2019 dated October 19 has been registered at Barakhamba Road police station in Delhi against Kotak Mahindra Bank and six other accused including Uday Kotak, MD & CEO."The Bank was found as involved in unethical and illegal practices for recovery of loan by way of forging documents/papers and inducement, misrepresentation, false assurances to customers for sanctioning loan and in this process, there were unlawful gains directly or indirectly to Bank while its clients suffered losses of reputation and business loss," the statement said.Santosh Kumar Bagla's family has demanded from Reserve Bank of India through a letter dated November 1, for removal of Uday Kotak from the post of MD & CEO of Kotak Mahindra Bank and also from the post of Chairman of IL&FS as a person facing criminal cases cannot be considered suitable for any responsible post unless acquitted of the charges.The statement said the officials of the Bank in collusion and in connivance with each other, hatched a conspiracy and forged and fabricated documents including one affidavit and a power of attorney which were alleged to have been executed by one Bagla's family member, Bhupendra Bagla, for mortgaging leased property against a unsecured loan and on the basis of which the bank initiated recovery proceedings.In a response, Rohit Rao, Chief Communication Officer, Kotak Mahindra Group said, "This issue is about a ten year old loan recovery case where the borrower Cogent Ventures India Limited and members of Bagla family as guarantors had defaulted on their loan repayment and to recover dues, our bank had initiated recovery proceedings.Subsequently, the borrower entered into an out-of-court settlement and repaid the bank's dues. Our bank always acts in accordance with the prevailing law and regulations. The FIR filed by Bhupendra Bagla makes the matter sub-judice and we cannot comment on a subj-judice matter. We stand committed to extend full cooperation to the investigation agency."( With inputs from IANS )

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