CBI Names Nimbus Group, Its Directors In Rs 75 Crore Bank Fraud Case

Nimbus Communications Ltd and its three Directors - Harish K Thawani, Shoba Harish Thawani and Akash Chandra Khurana - have been named in a chargesheet by the Central Bureau of Investigation (CBI) for allegedly defrauding Indian Overseas Bank of over Rs 75 crore.

Nimbus Communications operated two Sports Channels - Neo Prime and Neo Sports in India.

In 2006, Nimbus Communications Ltd won the broadcasting rights for Cricket matches from BCCI for four years.

The company had also won the broadcasting rights for Asia Cup held in 2014.

In its complaint to the CBI, Indian Overseas Bank has alleged that "Nimbus Communications Ltd was enjoying various credit facilities, like term Loan of Rs 125 crore sanctioned in 2011. The term loan was restructured in March 2012 with a limit of 100 crore and thereafter on 30.12.2012, SBLC (Stand By Letter of Credit) facility to the tune of US $ 6507000 was extended in favour of Asia -Cricket Council of India".

The bank has further alleged that Nimbus Communications failed to repay the loan amount and rather "dishonestly and fraudulently diverted the said amount to clear its loan liability with India Infoline".

The account of Nimbus Communications was declared a Non-Performing Asset (NPA) in 2012 and as fraud in 2019.

Based on the report of forensic audit of Nimbus accounts, the bank has alleged that the Promoters and Directors of the company misappropriated funds and diverted public funds for personal use causing a loss of Rs 76 crore to the bank.