Victoria Commercial Bank (VCB) has clarified media reports linking the lender to the embattled sugar billionaire Jaswant Singh Rai.
The commercial bank through a press statement noted that there are several misleading and inaccurate media reports about the bank hence the need to clear the air.
Moreover, VCB claimed that the false information was tarnishing their 35-year reputation and integrity.
“It has come to our attention that various inaccurate and misleading media reports have been made against our organization, Victoria Commercial Bank PLC (VCB), tarnishing our reputation and the integrity we have diligently upheld throughout our 35 years,” the statement reads in part.
VCB denies Jaswant Singh Rai
As such, VCB denied reports that the embattled Sugar Billionaire Jaswant Rai is a shareholder of the bank.
“We wish to clarify that Mr. Jaswant Rai is not and has never been a shareholder of the Bank, directly or as alleged, through proxies,” the bank said.
In addition, they confirmed that their Chief Executive Officer (CEO) Yogesh Pattni, has not been arrested by the Banking Fraud Division Unit.
They also denied reports that they had applied for anticipatory bail.
“We wish to clarify that no anticipatory bail has been applied for nor received as alleged,” VCB stated.
Nevertheless, the bank dismissed the reports saying they are baseless; they lack merit and are aimed at destroying their good reputation in the banking industry.
“We want to explicitly state that these reports are baseless, without merit, and intended to harm VCB’s hard-earned standing in the banking industry,” Victoria Commercial Bank noted.
Rumors of CEO Arrest
Victoria Commercial Bank made the above clarifications after information circulated on social media and other platforms earlier this week that their CEO was arrested on Monday, August 28 at his Two Rivers office over links with Jaswant Singh Rai.
Further, reports spread that the embattled sugar mogul Rai allegedly holds the largest shares in the VCB through proxies.
Nonetheless, the bank has since refuted all these claims and rumors.