Easy money: Two held for corporate blackmail | india | Hindustan Times
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Easy money: Two held for corporate blackmail

Two commoners tried to blackmail a Rs 150,771-crore corporate giant. They demanded Rs 50 lakh – Rs 10 lakh of that as initial payment, reports HT Correspondent.

india Updated: May 22, 2009 01:33 IST
HT Correspondent

Two commoners tried to blackmail a Rs 150,771-crore corporate giant. They demanded Rs 50 lakh – Rs 10 lakh of that as initial payment.

The deal they offered in exchange: an affidavit in Mumbai High Court against Reliance Industries Ltd’s merger with Reliance Petro-leum Ltd would be withdrawn.

Jayendra Shah and Dilip Motwani are now in police custody.

The Reliance Group flagship, RIL, is India’s largest private sector enterprise and a Fortune Global 500 company.
An RIL spokesman told HT, “As this is corporate blackmailing, we filed a police complaint. They have arrested these two people.”

The police also suspect the two are not petty fortune hunters. Shah used to say during his threat calls to RIL officials that as he was assigned by some Mumbai-based people, he would need to consult them before withdrawing the petition.

“It seems a perfectly worked-out game plan. First file a petition, follow it up with letters to the Registrar of Companies and then leak the details to the media,” said the RIL spokesman. “Somebody is definitely trying to malign the group.”

The duo was produced in a local court and remanded to two-day police custody.