Prominent South Delhi businessman arrested by EOW for multi-crore scam

Newsroom24x7 Desk

white collar crimeNews Delhi: Sleuths of the Economic Offences wing (EOW) of Delhi Police have arrested a prominent business man of south Delhi and solved a multi-crore scam under the cover of invoice factoring with a public sector finance Corporation.

The arrested businessman, Amit Kumar Gupta, managing director of Shree Shyam Pulp & Board Mills Limited is a resident of the posh Vasant Vihar area in South Delhi.

delhi police5In September 2014, a case was registered at the Kalkaji Police Station here on a complaint of Industrial Finance Corporation of India (IFCI). It was alleged that the accused company Shree Shyam Pulp & Board Mill Limited obtained a factor facility of Rs. 15 Crore from IFCI and by submitting forged bills, receipts and invoices had cheated the financial institution of Rs. 15 Crore. After registration of the case the matter was transferred to the EOW for investigation.

Shree Shyam Pulp & Board Mill Ltd. is engaged in the business of manufacturing of paper with a production unit at Rudrapur in Uttarakhand.Investigation by the EOW revealed that during the year 2013, the accused company had obtained Factor Facility of Rs 15 crore from IFCI. For this purpose they produced forged and fabricated invoices of Gujarat State Board of School Textbooks and Rahul Marketing Co. Pvt. Ltd. During investigation it was found that Gujarat State Board of School Textbooks had never issued any order for supply of papers to Shree Shyam Pulp & Board Mills Ltd. Obviously therefore they never received any shipment from the accused company.

Further investigation revealed that the transport company, brought on record by the accused company for shipment of paper, did not exist at its given address. similarly, it has also been established that the other company Rahul Marketing Co. Pvt. Ltd, that was supposed to have raised invoices was also a bogus company. EOW has collected irrefutable evidence to prove that this was a well planned game of the accused company and its directors who had conspired with other persons to cheat the IFCI

The accused businessman was absconding to evade his arrest for last several months. The EOW had adopted a strategic plan to apprehend the culprit. On March 23, a police informer gave a lead to the EOW about the accused [Amit Kumar Gupta, 40, son of Naresh Kumar Gupta, resident of E-14/4C, Vasant Vihar, New Delhi]. Acting on the top off, an EOW team, comprising of sub-inspectors Bhagwan Singh and Bijay Kumar, and head constable Krishan Kumar, under the supervision of Assistant Commissioner of Police V.S. Rana, arrested the accused from the Gole Market area here.

In this case, the role of other directors of the accused company as well as the officials of IFCI is also under the scanner of the Economic Offences Wing.