The CBI has booked Mumbai-based firm GS Entertainment Pvt. Ltd. , its directors Jaspreet Singh Walia and Guneet Singh Walia and Chartered Accountant Stany Saldanha in a case of bank fraud involving IDBI Bank that had financed 2009 Hindi film Lamhaa.
The case refers to sanction of foreign currency loan to the tune of USD 2.35 million (Rs 10 crore) and term loan of Rs 4.95 crore in June 2008 under the film financing scheme for production of Hindi film “Lamhaa”. Later, the loans turned into non-performing asset (NPA).
The outstanding principal and interest to the principal borrower GSEPL stood at Rs 119.05 crore as on June 1, 2021.
The film was directed by Rahul Dholakia with lead actors Sanjay Dutt, Bipasha Basu and Kunal Kapoor as star cast.
Besides principal borrower GSEPL, the company’s directors Jaspreet Singh Walia alias Bunty Walia and Guneet Singh Walia alias Jassi Walia, and Chartered Accountant and Statutory Auditor Stany Saldanha as also unknown public servants have been named as accused in the case of bank fraud, misappropriation of funds and criminal breach of trust among others.
The firm and the individuals have been booked under various Sections of the Indian Penal Code (IPC) relating to criminal conspiracy, cheating and forgery besides relevant provisions of the Prevention of Corruption Act.
The CBI registered the case on a complaint dated February 24, 2022 by the IDBI Bank.
As per the original schedule, the film was to be released in May 2009. However, the release of the film got delayed seemingly due to a dispute between promoters and exhibitors from March 2009. The loan account turned NPA on September 30, 2009, according to the IDBI complaint which is part of the FIR.