Ludhiana, Aug. 1 -- The division number 5 police have registered an FIR against three officials of Kotak Mahindra Bank for their alleged involvement in a financial fraud involving over Rs.2.4 crore in a foreign exchange forward contract dispute. The case has been filed under Sections 316(2), 316(5), 318(4), and 61(2) of the Bharatiya Nyaya Sanhita (BNS), following a detailed complaint and investigation. The complaint was lodged by Davinder Singh Bedi, a resident of Urban Estate Phase-1, Focal Point, Ludhiana, and managing director of Taipan Exports Pvt Ltd. Bedi alleged that the bank officials, Varun Chopra, Gaurav Chawla, and Akhil Chawla, colluded to terminate his company's forward contracts despite having received margin securities worth Rs 2.4 crore, including mutual funds and shares belonging to him and his family. In April 2025, the bank had initially asked for a margin amount of Rs 70 lakh, which the company deposited through fixed deposits in the names of Bedi and his son. On June 19, 2025, amid rising foreign currency rates, the bank sent a fresh margin demand of Rs 2.65 crore, asking for it to be cleared by June 20. Bedi promptly submitted securities, including mutual fund documents worth Rs 75 lakh and shares worth Rs 46 lakh, and later pledged further investments. Despite receiving these securities, the bank reportedly terminated all 40 forward contracts through a late-night email on June 21. Two days later, a fresh demand of Rs 4.07 crore was sent to Taipan Exports, asking for additional margin to be paid by June 25. The complaint alleges that the contracts were cancelled without prior notice or Bedi's consent, and the demand for additional funds even after the cancellation constitutes a breach of trust and fraudulent conduct. Police registered a case under relevant sections of the BNS. The investigation is ongoing, and the three accused bank officials have been called for questioning. However, the bank issued a statement stating that the complaint filed by Davinder Singh Bedi is "false, vexatious, and a misuse of legal process. The allegations misrepresent facts and appear to be a deliberate attempt to defame the bank and its officials while evading legitimate financial obligations". The statement said Taipan Exports has been executing forward contracts with Kotak Mahindra Bank since 2020. These contracts require the maintenance of adequate margin security. Under the terms of the signed agreements, failure to provide the required margin entitles bank to cancel contracts and recover dues. On June 13, the bank issued multiple reminders to Bedi to deposit the required margin, clearly stating that non-compliance would result in cancellation of the contracts. On June 20, as an interim measure until the full cash margin was deposited, Bedi offered collateral in the form of units and illiquid shares to partially cover the exposure. He assured the bank that the full cash margin would be deposited by the end of the day. When the margin was not deposited, the bank cancelled the forward contracts overnight between June 20 and 21, resulting in Bedi owing the bank over Rs 4.44 crore as of June 21, 2025. He requested time until July 5, to settle the dues, bank insisted on a deadline of June 30. Shortly thereafter, Bedi filed a complaint and a civil suit-both based on the same cause of action....