According to the EOW (Economic Offenses Wing) of the police, the group allegedly received a loan 77 crores from the bank, of which 18.56 crore was waived by senior bank officials after receiving kickback.

According to FIR, bank directors allegedly accepted To declare and waive the loan as an non-performing asset (NPA) in 6.37 crore kickback 18.56 crores at the interest fixed along with the original amount.

The lawyer of Bhoon said that he had no role in waiving the loan as he had rejected the proposals made by the company to settle the loan twice under the OTS scheme (one -time disposal). He alleged that the board of directors, who holds higher positions than BHOAN, changed the policy of OT and waived the loan.

The court said that Bhone was the CEO of the bank when fraud was done. Loan transaction of 49 crore was fixed for 34 crores by the applicant and the board of directors of the bank and 18 crore waived, causing the bank to suffer the wrong loss of such amount, “In an order passed on 24 June, the Special Sessions Judge NG Shukla visited.

The crime was committed between September 2014 and October 2023 when the loan was approved to the rendering group without any hard work. It has been alleged that the EOV, while checking the marks of bad loans extended by the bank, found documents in Bhone’s house.

According to the EOV, Bhone, Hiran Bhanu (former chairman of the bank) as well as others made bills in the name of the UK-based Shell Company and accused the money that were collectively paying. 6.37 crores, for retention. The court said, “Keeping in mind the nature of the transport group and the relationship of the applicant with the directors of the Perception Group, I think the applicant is not entitled to interim relief,” the court said.

The EOV arrested Bhan in February this year, when it was revealed after a stunning audit by the Reserve Bank of India that 122 crore was kept away from the cash reserves of the bank. A metropolitan magistrate court rejected his bail plea in May.