Two arrested in Delhi for cheating NBFC of Rs 3 crores
Dec 12, 2020
New Delhi [India], December 12 : Two persons were arrested by the Economic Offences Wing of the Delhi Police for allegedly cheating a non-banking financial institution (NBFC) of Rs 3 crores, police said on Saturday.
According to the police, the two arrested persons have been identified as Essa Ismail (47) and Amrendra Shashkant Totade (55), Directors of the alleged company Advanced Computers and Mobiles India Pvt Ltd. Both the accused are residents of Mumbai.
"The investigation reveals that the alleged company remitted the margin money to the vendor and got the loan disbursed. Thereafter, the loan amount was misappropriated in repayment of an LC (Letter of Credit) already availed by the alleged company from YES Bank," the police said.
The police said a loan was applied by the accused persons with CLIX Finance India Pvt Ltd through their company Advanced Computers and Mobiles India Pvt Ltd to purchase machinery for packing, wrapping and sealing of mobiles devices.
"The machinery was to be purchased from the vendor in Dubai. Accused company submitted the proforma invoices amounting to Rs 4 crores with the complainant NBFC- CLIX Finance India Pvt. The loan was sanctioned and as per the sanction letter, accused persons were to remit 25 per cent of equipment cost to the vendor as margin money," the police said.
"Accused persons remitted Rs 1 crore to the vendor in Dubai. The proof of remittance was provided to the NBFC, which released the loan amount to the bank account of the alleged borrower company. The loan received was not remitted to the vendor and was misappropriated by the directors of the company in repayment of their other outstanding," it added.
A case under several sections of the Indian Penal Code (IPC) including cheating and criminal conspiracy at Economic Offences Wing police station.
"After a few months, the margin money was also got received back by the alleged company from the vendor at Dubai. It was further revealed during investigation that the accused persons have availed loans amounting Rs 150 crores from different institutions and all of these loans have defaulted," the police said.
