Businessman arrested for fraud

The Economic Offences Wing of the Delhi Police has arrested a south Delhi based-businessman for allegedly duping a public sector financial institution of Rs 15 crore.
According to police, the accused was evading arrest for last several months.
"Yesterday, a tip off was received about accused Amit Kumar Gupta (40) from a secret source. Acting on this information, team arrested the accused from Gole Market area. He is the managing director of M/s Shree Shyam Pulp & Board Mills Ltd and lives in Vasant Vihar area," said DCP (EOW) Mangesh Kashyap.
In September 2014, a case was registered at Kalkaji police station on the complaint of IFCI. In the complaint it was alleged that the accused company had obtained a factor facility of Rs 15 crore from it.

"The company submitted forged bills receipts and invoices and cheated the financial institution of Rs 15 crore. After registration of the case the matter was transferred to the EOW for investigation," he said.
Investigation into the matter revealed that the company which has a factory in Rudrapur, Uttarakhand, manufactures paper. In 2013, the accused company had obtained factor facility of Rs 15 crore from IFCI.

For this purpose they produced forged and fabricated invoices in the name of M/s Gujarat State Board of School Textbook, Gujarat and M/s Rahul Marketing Co. Pvt. Ltd. During investigation it was revealed that M/s Gujarat State Board of School Textbook had never issued any order for supply of papers to the said company and as such they never received any shipment from the accused.

Investigation also revealed that the other company M/S Rahul Marketing Co. Pvt. Ltd does not exist in the given address and the transport company, through which the shipments were claimed to be delivered, too does not exist at its given address.
"The investigation conducted so far established that this was a well planned game of the accused company and its directors in conspiracy with other persons through which they had succeeded to cheat the hard earned money of tax payers worth Rs 15 crore," said Kashyap.
Role of other directors of the accused company as well as the officials of IFCI is also under EOW scanner.