FINANCE Bank Zambia major shareholder, Rajani Mahtani and finance bank Zambia limited have been sued for fraudulently opening Two (2) bank accounts in the names of Flame Promotions Limited.
According to two statement of claim filed in the Lusaka high court by Flame Promotions and Procurement limited, Dr. Mahtani utilized the said accounts in concealing his insider borrowing from finance bank.
Flame Promotions claim that the scheme to set up the two accounts amounts to breach of banking and finical services act cap 387 of the laws of Zambia.
The plaintiff further claims that finance bank has been negligent in not preventing Dr. Mahtani from fraudulently utilizing flames promotions and procurement limited?s name to operate a bank account for his own use.
They add that Mahtani is attempting to enrich himself by refusing to own up to being the beneficiary of the money drawn on the accounts in question as finance bank is attempting to claim the funds from flame promotions.
Flame promotions and procurement limited is asking the court to declare that the two accounts set up by finance bank and Dr. Mahtani as a breach of banking and financial services act.
The company further claims that finance bank is responsible for all payments drawn from the accounts using instruments purportedly signed by Zulfikar Patel a client of finance bank.
But Dr. Mahtani has instructed his lawyer John Sangwa to counterclaim 100 million dollars for defamation of character from frame promotions and procurement limited over it?s claims filed in court.
He has since denied the allegations saying they are construed and part of an orchestrated agenda of people, who have failed to honor their debts.
Posted by Editor on November 9, 2011. Filed under LATEST NEWS. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entrySource: http://tumfweko.com/2011/11/09/dr-rajani-mahtani-and-finance-bank-limited-sued-for-fraud/
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