Children's wear business Catmoss Retail booked for Rs 20 crore fraud

By

Isabelle Crossley

Published
Dec 27, 2018

The Central Bureau of Investigation (CBI) has booked Catmoss Retail Pvt Ltd’s managing director Ashwini Kumar Chawla and other directors for an alleged fraud of Rs 20 crore ($3 million).

On December 24, the CBI reported that it had registered a criminal case against Chawla and Catmoss Retail’s other directors for an alleged fraud at the Union Bank of India. The accused reportedly fabricated balance sheets to fraudulently obtain a loan which they then failed to repay to the bank, as reported by the Press Trust of India.

The accused comprise Chawla, his wife and guarantor Asha Rani Chawala, and the business' directors Reena Chawla and Asha Rani Chawla. The CBI registered a criminal conspiracy and cheating case against the directors and the business itself following a complaint registered by the bank.

"CMD of Catmoss Retail Pvt Ltd Ashwini Chawla, in pursuance of a well knitted criminal conspiracy to fraudulently avail loan facility from the complainant bank by furnishing forged and fabricated balance sheets, has committed offences like cheating, forgery, forgery for purpose of cheating and using as genuine a forged document," said the CBI’s statement.