Textile mill director nabbed for fraud

MUMBAI, JAN 13: A director of a textile mill, who allegedly defrauded the daughter of a stage actor and director, was arrested by the Eco...

MUMBAI, JAN 13: A director of a textile mill, who allegedly defrauded the daughter of a stage actor and director, was arrested by the Economic Offences Wing of the Mumbai police this morning.

According to investigating officer S M Shejwal, Prem Mehra 50 has been booked for cheating and fraud under section 406 and 420 of the IPC. Dinyar Contractor told Express Newsline that his foster daughter Persis Irani was defrauded to the tune of Rs 54.78 lakh by the trickster between 1994 and April 30 last year. 8220;Mehra used to call Persis his daughter8217; and made her sign on blank documents. He exploited her sentiments,8221; added Contractor.

Mehra entered into a deed with Irani and Bhaskar Desai to float a partnership company under the name of Professional Textile to manufacture cloth for export. The accused allegedly convinced his partners to have the goods exported through his other firm Tirumala International to avail of tax benefits.

Mehra also owned Tirumala Textiles and was in charge of account books of all three firms. However, he never shared the accounts with his partners, said police sub-inspector V R Dhopaoar.

On April 30, 1998, Mehra managed to fraudulently get his partners8217; resignations by the taking their signatures on a blank paper and producing them before the registrar of Company Acts, added the police.

Subsequently, Mehra siphoned Rs 54.78 lakh from the company8217;s accounts and deposit the sum in his bank account. He also allegedly sold the goods manufactured at Professional Textile in the market and retained all the profits.

Mehra was also named in a similar offence under the jurisdiction of Saki Naka police station in 1988. He had allegedly cheated a soap manufacturer to the tune of about Rs 50 lakh.