I want to know is it fraud or not: The X company created LC based on PO in favour of Y company both companies are in same building. Y company discounted the LC X company and Y company have no relations on business wise X company or Y company not sold or bought any goods till now Banker debited margin money to X company of Rs.50 Lakhs till now X company not paid LC amount to Bakner even after one year completed the amount involved is 50 crores the entry in X company is XYZ company a/c DR 50 crores To Other Libilities A/c 50 crores is there any wrong in this case under law or not need experts opinion
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Want to know is it fraud or not: the x company created lc b
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This on Paper & based on Documents will not be considered as a Fraud, nor can it be Proved as a fraud, Yes definately it will be & be termed as an Accomodation arrangements which in course of Law if the matter takes a Legal Turn will be termed as Cheating with malified Intentions, If No business transaction can be proved by X & Y amongst themselves
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