CBI Closes Bank Fraud Case Against Nimbus Communications

The CBI has closed its investigation into Nimbus Communications regarding an alleged Rs 76.34 crore bank fraud. The probe found no deceit during the loan process. The special court accepted the closure report without objections from the complainant, Indian Overseas Bank.

The Central Bureau of Investigation (CBI) has concluded its investigation into an alleged bank fraud case involving Nimbus Communications, a leading entertainment and sports broadcast company, with a clean slate for the company. Officials reported on Thursday that no evidence of any deception was discovered in the loan process.

In its closure report, submitted to a special Mumbai court within a year of registering an FIR, the CBI confirmed the absence of any dishonest concealment of facts or misrepresentation by Nimbus Communications during the loan proceedings.

The investigation initially began on September 30, 2023, following a complaint from Indian Overseas Bank, which alleged that the company and its directors had duped the bank of Rs 76.34 crore. However, the findings revealed no fraudulent intentions. The special court accepted the CBI's report, as the complainant bank raised no objections.

(With inputs from agencies.)