Updated: June 28, 2021 9:21:38 am
The Delhi Police’s Economic Offences Wing has arrested the director of a company who allegedly cheated more than 25 banks of Rs 4,000 crore, said officials on Sunday.
The accused, Vinay Sharma (42), runs a petrol pump, tech startup, aluminum scrap unit and also manages private buses in Himachal Pradesh.
Police said Sharma is involved in five cases of fraud — two cases are with the Central Bureau of Investigation — and has been absconding for years.
Additional CP (EOW) RK Sharma said the Standard Chartered Bank in Delhi had lodged a complaint in 2016 against Sharma and another man named RK Sharma, both directors of aluminum scrap business Indian Technomac.
“They obtained credit facilities of Rs 30 crore but never paid the dues. It was later found that the letter of credits was of shell companies. The directors were absconding,” said the Additional CP.
During investigation, police found that the accused had allegedly cheated several banks using fake bills and letters of credit.
They allegedly showed fake invoices and took loans but never returned the money. Because of their businesses and the high-income invoices, the banks agreed to give them loans, said police.
In 2016, the two accused also allegedly cheated a consortium of 15 banks of Rs 1,528 crore using fake documents and bills. In another case, they “cheated” nine banks of Rs 555 crore using another company’s bills, police said. Both cases are with the CBI.
Additional CP Sharma said the two accused are also involved in excise duty fraud of Rs 2,000 crore. Two cases have been registered in this matter by CID Himachal Pradesh.
Police said they have been raiding Sharma’s hideouts and arrested him from Kangra in Himachal Pradesh. “The accused used records and bills of two companies to obtain loans. We found that these two companies didn’t exist. With time, Sharma produced fake invoices of transportation business to avail more loans,” said police.
While Vinay has been arrested, police said R K Sharma is still absconding.
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