Mohali, Nov. 12 -- An FIR has been registered against Ludhiana-based bicycle parts manufacturer Rolex Cycles Private Limited, its director Kanchan Prabhakar and unidentified persons in an alleged Rs.12-crore fraud on the complaint of Canara Bank, police said on Wednesday.

The FIR was registered on November 6 after the bank alleged that the company secured credit facilities by submitting fabricated financial statements, disposed of stock and machinery hypothecated with the bank without its consent and diverted funds through an associate company.

According to the complaint, the alleged irregularities took place between June 22, 2013, and September 29, 2016. The bank's Ludhiana corporate branch had sanctioned Rs.23 crore credit to the comp...