Updated: July 25, 2021 11:19:05 am
Delhi Police on Sunday said they have arrested former managing director of Infrastructure Leasing & Financial Services Ltd (IL&FS) Ramchand Karunakaran from Mumbai in a Rs 100 crore cheating case.
Karunakaran was earlier arrested in 2019 and 2020 but had got out on bail.
Police said several cases have been registered against Karunakaran and other directors of the IL&FS Rail Ltd for misappropriating funds, cheating other companies and forgery.
RK Singh, Additional Commissioner of Police (Economic Offences Wing), said, “We had received a complaint from the director of Enso Infrastructures, Ashish Begwani, in 2018. He alleged that he was approached by Karunakaran, Ravi Parthasarthy and Hari Shankaran — all former directors of IL&FS — with an investment proposal in 2010. Begwani’s company poured in Rs 170 crores for a 15% share in IL&FS Rail Ltd. This was for the Gurgaon rapid metro project.”
The complainant later realized that his funds were being misused since no work was started by the company. They had also bagged “bogus contract orders” worth Rs 21 crore from another company called Silverpoint Infratech Ltd. These contract orders were forged by the accused.
Police added that Begwani has also alleged that the directors showed inflated expenses and lower profits in their books to siphon off money.
During the investigation, the Economic Offences Wing found that accused men had made payments to several companies without actually doing any work to get contract orders.
“The accused didn’t have the names, addresses or account details of any of these contractors. The money was being transferred through shell companies,” the police added.
Speaking about cases against Karunakaran that are being investigated by the Enforcement Directorate and other agencies, Singh added, “We are checking his involvement in other cases as well. He was arrested in 2019 and 2020 by different agencies but got out on bail. The matter is in the court. We have now arrested him in a cheating case that was lodged by Begwani.”
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