Mumbai: The Mumbai Police have registered a criminal case against a company and its associated entities for allegedly dishonestly obtaining bank loans amounting to Rs 9.3 crore and subsequently defaulting on repayment. The First Information Report (FIR) was filed based on a complaint lodged by a private bank, naming the directors and promoters of Osia Hyper Retail Ltd — Dhirendra Chopra, Kavita Chopra, and Archana Nagarani — as accused.
Background of the Agreement
The private bank had entered into an agreement with Receivables Exchange of India Limited (RXIL) on January 21, 2023, for the use of the Trade Receivables Discounting System (TReDS) platform. TReDS is an online platform designed to facilitate Micro, Small, and Medium Enterprises (MSMEs) in unlocking working capital by converting their receivables into cash. RXIL is a joint venture promoted by the Small Industries Development Bank of India (SIDBI) — the apex financial institution for the promotion and financing of MSMEs in India — and the National Stock Exchange.
Osia Hyper Retail Ltd had also executed a master agreement with RXIL on July 29, 2023, to avail facilities on the platform. According to the terms of 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.
Details of the Alleged Fraud
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. This was done by uploading invoices purportedly raised by third-party vendors on the TReDS platform. During an 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 these firms, misused the TReDS platform by submitting invoices to obtain financing from the bank and subsequently diverted the funds for its own benefit.
Legal Action and Investigation
The police have registered the FIR under relevant sections of the Indian Penal Code pertaining to cheating and criminal breach of trust. An investigation is underway to ascertain the full extent of the fraud and to identify any other individuals or entities involved. The accused directors and promoters have been summoned for questioning.
About the Author
Ahmed Ali is a Senior Assistant Editor at The Times of India, Mumbai, covering crime and related issues. He occasionally takes up offbeat subjects. His interests include automobiles, particularly bikes, and gymming.
