Gurugram Police have arrested a company director in Coimbatore for allegedly orchestrating a multi-crore loan fraud, involving fake purchase orders and misappropriated funds, highlighting the ongoing crackdown on economic offences.
Key Points
- A company director has been arrested in Gurugram for allegedly defrauding a company of crores of rupees through fraudulent loan practices.
- The accused director obtained loans using purchase orders but failed to make the purchases or repay the loan, raising suspicions of fake vendor firms.
- The director confessed to transferring funds to his own company and dividing the money among associates, with his share amounting to approximately Rs 70 lakh.
- The arrest was made by the Economic Offences Wing-2 following a complaint filed in July of last year, highlighting ongoing efforts to combat financial crimes.
Directors of a company allegedly duped a company from which they took loans worth crores of rupees. Gurugram Police has arrested one of the directors from Coimbatore, Tamil Nadu, officials said on Saturday.
The arrest came on a complaint filed by a company at Sector 18 police station in Gurugram that the directors showed purchase orders and obtained loans, the complainant company said in July last year. This was part of a 2022 supply deal between the two companies, it said.
But after receiving the money, there was allegedly no purchase and they did not repay the loan. Police suspected the possibility of fake vendor firms.
Police took the accused on two days of police remand after being produced in a city court today, they said.
Investigation and Arrest Details
The investigation was conducted by a police team from the Economic Offences Wing-2, which arrested one of the directors from Coimbatore on Thursday. He was identified as Prashant (45), a resident of Janakpuri, West Delhi.
During interrogation, it was found that he was the director of City Mega Mart, approximately a 20 per cent shareholder.
He and his associates obtained a loan from the complainant company and promised to repay the loan with interest within 90 days.
Modus Operandi
"The accused revealed that the firms through which he had issued purchase orders and transferred funds belonged to him and his associates. Only invoices were issued, but no goods were supplied or purchased.
"The accused transferred the funds received from the complainant company to their own company and divided it among themselves.
The director's share of the fraud money was approximately Rs 70 lakh, a police spokesperson said, adding that questioning was still going on.
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