Delhi Police arrest man from Telangana for cheating oil firm of Rs 5.6 crore

According to the police, they received a complaint from SIKOF alleging that directors of a food company named Sri Anjaneya Sri Lucky Agencies contacted them asking for a bulk order of vegetable oil.

They gave two bank guarantees of Rs 2.25 crore each and bought the oil. Later, the complainant found that they had been cheated as the accused fled with the purchased products.

Chhaya Sharma, Joint Commissioner of Police (EOW) said an investigation found that Utlapally, the managing partner of the company, forged receipts from Allahabad Bank to cheat the complainant.

After several raids were conducted in Delhi and Telangana, Utlapally was arrested from Hyderabad on Saturday.

During interrogation, the accused revealed that he was facing losses in business and decided to cheat the oil company and sell their product in the open market.

The graduate from Manipal University had worked at different pharma companies for 14 years as an analyst and quality controller before starting his own company with associates.