Three held for swindling ₹10 cr. funds

Three men were arrested for allegedly misappropriating funds of a company to the tune of ₹10 crore, police said on Friday.

The accused — Pramod Goel, Krishan Chand Bansal and Anil Gupta — were directors of M/S Indirapuram Habitat Centre Pvt. Ltd. They have been arrested and sent to judicial custody, police said.

A case was registered against them under section 406 (criminal breach of trust), 420 (cheating and dishonestly inducing delivery of property) and 120 B (criminal conspiracy) of the IPC on a complaint by a private company. It alleged that in 2016, the accused company had availed term loans of ₹10 crore from them for a period of two years for the completion of its project but failed to repay it and defrauded them, the police said.

Joint Commissioner of Police (Economic Offences Wing) Dr. O.P. Mishra said that during investigation, it was found that the accused had availed a term loan of ₹10 crore from the complainant company for a period of two years. But they did not repay the loan and sold the units mortgaged to the complainant company. Investigation with regard to bank statements also revealed that the amount has been misappropriated, he said.

“It also emerged that the units mortgaged as collateral security have been sold to other investors after taking full payments from them. Accused company also offered them assured return on their investment but no return was paid as promised. In a calculative manner, the accused company not only cheated the complainant company but also cheated the investors,” he said.

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Printable version | Oct 20, 2020 11:51:27 PM |

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