Mumbai Police book company, its directors in Rs 9.3 crore bank loan fraud case

Mumbai: Police have registered a case against a company and its associated entities for allegedly dishonestly obtaining bank loans of Rs 9.3 crore and defaulting on repayment.The FIR, which was registered on a complaint by a private bank, names Osia Hyper Retail Ltd directors and promoters Dhirendra Chopra, Kavita Chopra and Archana Nagarani as accused.The bank had entered into an agreement with Receivables Exchange of India Limited (RXIL) on January 21, 2023, for the use of the TReDS platform. TReDs is an online platform set up to facilitate MSMEs to unlock working capital by converting their receivables into cash. RXIL is a joint venture promoted by SIDBI – the apex financial institution for the promotion and financing of MSMEs in India, and the National Stock Exchange.Police said Osia Hyper Retail Ltd had also executed a master agreement with RXIL on July 29, 2023, for availing facilities on the platform.As per the agreement, the company was required to repay the financed amount along with interest at 12.5% per annum within 90 days from the date of disbursement.The complaint alleged that between January 3, 2025, and March 19, 2025, Osia Hyper Retail Ltd obtained working capital and loan facilities amounting to Rs 9.3 crore from the private bank by uploading invoices purportedly raised by third-party vendors on the TReDS platform.During the inquiry into the default, bank officials allegedly discovered that the entities shown as third-party vendors were, in fact, agents allegedly working for Osia Hyper Retail Ltd. The complaint further alleged that Osia Hyper Retail Ltd, in collusion with firms, misused the TReDS platform by submitting invoices to obtain financing from the bank and diverted the funds for its own benefit.