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Repco Home Finance has said that a case by Central Bureau of Investigation against the company’s Managing Director and other senior officials has been closed on the ground of ‘mistake of facts.’
The first information report (FIR) was registered by the CBI in October 2016 against R Varadarajan, Managing Director; V Raghu, the then executive director; KS Kannan, the chief manager at that time, and P Sekhar, the then deputy general manager, Repco Bank, in respect of pre-closure charges/penalty for the loan accounts of a company — Durga Agencies.
After detailed investigation, the CBI submitted its final report to the designated court stating that criminality could not be attributed against any of the accused persons and, therefore, no prosecutable case is made out. There was no proof of conspiracy or quid pro quo received, according to a statement by the company.
The agency requested the court to pass necessary order for closure of the FIR under ‘mistake of fact’ as allegations in the FIR are not substantiated. The designated court has accepted the same, it said.
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