India, June 19 -- Three senior executives of the Percept Group, organiser of the Sunburn music festival, have been booked in connection with the New India Cooperative Bank fraud case for alleged loan irregularities and providing kickbacks to senior bank officials.

All three individuals have been named in a First Information Report (FIR) registered by the Economic Offences Wing (EOW) of the Mumbai Police investigating irregularities in loans sanctioned by the bank.

Police said the Percept Group, a prominent entertainment, media and communications conglomerate, had taken a Rs.77-crore loan from New India Cooperative Bank, of which Rs.18.56 crore was waived by senior bank officials also named in the FIR. Directors of the scheduled bank acc...