India’s fraud watchdog had accused the executives of cheating Daewoo Motors’ bankers such as
by producing fudged stock statements to avail of working capital loans.
“By crafty cross examination, the defence counsels have brought forth the deficiencies, inconsistencies and contradictions in the case of the complainant,” a special acts court of the additional chief metropolitan magistrate in Delhi’s Tis Hazari district noted while acquitting the accused executives. “The complainant has also not helped itself by filing incomplete documents and by not leading cogent evidence,” the court further noted.
SFIO is likely to appeal against the verdict but has not yet filed an application. The agency did not respond to ET’s requests for comment.
SFIO said the executives had fudged statements of stocks held by the company during a period of nine months up to October 2000.
Advocate Rajiv Singh, who argued for the defendants, said SFIO had failed to produce a single witness who could testify that false statements were supplied to the banks. None of the bankers corroborated the charges.
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