A group known as Human Rights Writers Association of Nigeria with their head office in Abuja charged the Inspector General of Police to speedy-up its investigations against the directors of Million Industry Limited for defrauding Polaris Bank with the sum Fifteen Billion Naira.
The group is of the opinion that Mr. Rajesh Valechha, Mr. Ramesh Valechha and Mr. Vikran Valechha are supposed to be arrested then scrutinize for collecting the money under false pretense. That these people through their company committed what is known as economic sabotage, embezzlement of fund and fraud. They prayed that the police should do proper investigation to bring them to book.
It is a known fact that the bank flourished very well since 2005 when it was established until these three brothers stripped it of it's major capital which left the bank to it's early extinction.
MP3 Daily News gathered that these brothers who are still the directors of the Million Industry Limited obtained the loan from Skye Bank now known as Polaris Banking the 2012 though, used a property at Plot 52, Kofo Abayomi Street, Victoria Island which comprising of a popular five star Intercontinental Hotel but now known as Lagos Continental Hotel as collateral. The said loan have still not been paid and no effort is being made to repay the loan making it look like the Valechha brothers are above the Nigerian laws thereby frustrating every efforts to bring them to book since they always manipulate the system.
The group prayed that the Inspector General of Police should use his good office to bring the suspects to book since it is almost thirteen years now that they took the said loan and it have accrued interest to the tune of Thirty Billion Naira.
Further more, the loan has been acquired by Asset Management Corporation.