Debt-ridden company MD duped of ₹15 cr
The Mumbai Police's Economic Offences Wing has registered a case against the Managing Director of a leading software firm for allegedly promising to invest ₹5,000 crores in his debt-ridden company. The chairman of the debt-ridden company was duped of ₹15 crore.
MUMBAI: The Economic Offences Wing (EOW) of the Mumbai Police registered a case at the Cuffe-Parade police station against a Managing Director of a leading software firm for allegedly promising to invest ₹5,000 crores in his debt-ridden company. The police said the chairman of the debt-ridden company was duped of ₹15 crore by way of an investment of USD 1.5 million in a company and payment of another ₹3 crores as margin money.
The police told the accused to get the complainant’s confidence and even faked some e-mails originating from AfrAsia Bank and the Mauritius Bank and lured him to part with the money.
“We have registered a case against one Harshwardhan Sabale and other unknown accused based on the complaint filed by the chairman of the Andheri-based company that has a corporate office in Maker Tower in Cuffe Parade. The multinational technology company owed around ₹14,000 crores to its secured and unsecured creditors and has approached the NCLT (National Company Law Tribunal,” said the police officer.
According to the police, in 2018, the accused met the complainant and then promised him to secure an investment of around ₹5,000 crores in his company through an investment bank. “He then asked the complainant to deposit USD 1.5 million (over ₹12 crore) in the company of the accused and later even pay ₹3 crores as margin money,” said the police officer.
The accused then from time to time promised the complainant that his proposal for the investment was in process. The complainant even got two emails from AfrAsia Bank and its holding company -- Mauritius Bank, relating to the investments which the cops suspect were sent by the accused from a fake email id.
“We have registered the case against Sabale and others under sections 420 (cheating), 465 (forgery), 467 (forgery of valuable security will, etc.), 468 (forgery for purpose of cheating), 471 (using as genuine a forged document), 120-B (criminal conspiracy) and 34 (common intention) of the Indian Penal Cod,” said the police officer.