Loan fraud: 2 Cheats arrested for duping a Gujarat based company

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delhi police4New Delhi: Economic Offences Wing of Delhi Police has solved a 3-year old case of cheating and fraud and arrested 2 persons who were part of a gang that had duped a Gujarat based company by making it pay a huge amount as processing fee to avail a loan of Rs. 400 crore.

A case (FIR No. 144/2014) was registered on 17 December 2014 U/s 406/420/120 BIPC by the EOW Police station on the complaint of Naresh Kumar Sharma, director of M/s Balaji Group of companies based at Kutch in Guujarat. The complainant informed the police that his group of companies was facing a financial crisis for a few years.

He said in his complaint that his brother Ramesh Kumar Sharma was approached by his brother-in-law’s sons Sanjay Sharma and Saket Sharma, both residents of Kandiwali (East) Mumbai at a family get-together in Delhi in April 2012. They informed him that they had a financial company M/s Delta Finlease which was in the business of arranging and providing funds for various businesses and were offering loans not less than Rs. 100 crore. They induced the complainant’s brother to get the finance arranged for M/s Balaji Group of companies by mortgaging immovable properties through M/s Global Financial Corporation for which they claimed to work for. Thereafter, Sanjay Sharma persuaded him to agree for a meeting with the representatives of M/s Global Financial Corporation, David Welham, Raj Malhotra, alias Arun Sharma and advocate Neeraj Gupta on 3 May 2012 at Hotel Crown Plaza at Okhla in Delhi. During this meeting David Welham introduced himself as a British settled in Bangkok. He agreed to provide business loan of Rs. 400 crores to the complainant’s companies. The rate of interest for loan of Rs. 400 crores was 9.5% reducing per annum and for balance of Rs. 100 crores, 7% was to be charged and this loan was proposed to be given for 9 years. Mr. David Welham and Raj Malhotra showed him a bank statement of HDFC bank showing a balance of Rs. 1000 crores in their account.

A follow up meeting was held at Hotel Crown Plaza, where Sanjay Sharma, Saket Sharma, David Welham, Neeraj Gupta, Raj Malhotra and Ms Pooja Kakkar were present. During this meeting, the accused persons demanded a fee of Rs. 20 crores for disbursement of loan. The alleged persons carried out the necessary inspection of the complainant’s properties through their lawyers and auditors. The complainant further alleged that he paid Rs. 12.07 crores as processing fee but the accused persons did not provide the loan of Rs. 400 crores and started dilly dallying on one pretext or another and later became untraceable.

On the scrutiny of the account of Mannat Textile Traders it was revealed that the complainant company had transferred Rs.2.74 crore into the account of the accused and the cheated amount of Rs.2.74 crore was withdrawn in cash by one of the accused Parvez Alam through self cheques.

On 25 June 2015, after receiving specific information, the accused persons Arun Kumar Sharma (H.No. 316 Sector-31, Faridabad (haryana) and Parvez Alam (1761 Ward No. 05, Jawahar Colony Faridabad Haryana), were apprehended from Faridabad by a raiding party comprising of SI Umesh Sharma alongwith SI Rajender Dagar under the supervision of M.S. Shekhawat, ACP/EOW. The accused were evading arrest and were absconding. from some time.

A total of seven cases are registered against both the accused in different parts of the country. While they have been remanded to judicial custody, the Police is making efforts to trace and arrest the remaining accused persons.

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