Delhi Police's economic offences wing arrests Noida resident for duping NBFCs

The accused had introduced their company as having huge turnover in business and gave misleading representations by furnishing fake invoices of the alleged debtor.

Economic Offences Wing of Delhi Police arrested an absconder on Friday for duping two Non-Banking Financial Companies (NBFCs).

A raid was conducted on Thursday and the accused, Amit Agarwal, was arrested on Friday. (Representational image)

According to the Delhi police, the accused was identified as Amit Agarwal, 40, a resident of Migsun Green Mansion, Surajpur Site-C, Greater Noida. There were two FIRs registered against him in 2018.

The Delhi police informed that the FIR was registered on the complaint of Sachin Oberoi, authorized signatory of India Factoring and Finance Solutions Pvt. Ltd. He alleged that the director and officials of the company, Genius Minds Pvt. Ltd., had approached the complainant company seeking trade finance assistance in the form of a factoring facility.

The Delhi Police further added that according to the complainant, the accused directors introduced their company as having huge turnover in business and gave misleading representations by furnishing fake invoices of the alleged debtor so as to induce the complainant company into granting huge amount as loan and thereafter complainant company approved the trade finance facility in the form of Factoring Facility of ₹11,58,30,072.74.

The complainant further said, "Later on, the accused directors Abhishek Agarwal and Aditya Agarwal raised invoices in the name of approved debtors namely American Embassy School, PNB Metlife India Insurance Co. Ltd., Fortis Healthcare Ltd., Optum Global Solution (India) Pvt. Ltd., and Just Dial Ltd. but during the investigation, the said bill/invoices were found to be forged."

The accused persons also have duped another NBFC company namely Pinnacle Capital Solutions Pvt. Ltd. (PCSPL) to the tune of Rs. 3.14 crore.

The Delhi police further said, "After receiving the complaints from both the companies, an enquiry was conducted and it came to light that the officials and directors of Genius Minds Pvt. Ltd. presented false, fake, forged and fabricated bills/invoices in order to induce the complainant companies to fund of huge amount to provide factoring Finance Facility and have duped huge amount."

The Delhi police also stated that during the investigation, it was revealed that the accused Amit Agarwal, a Senior Manager, accounts in connivance with accused persons Aditya Agarwal and Abhishek Agarwal, directors of the accused company 4 Genius Minds Pvt. Ltd. induced the NBFCs for funding of huge amount to provide Factoring Finance Facility and after obtaining Finance Facility from the complainant company with the intent to cheat them.

Delhi police further added that the directors of the accused company also cheated State Bank of India, MG Road Gurugram Branch by using the same modus operandi and mortgaging the same properties situated at CR Park and Greater Kailash-I area Delhi.

Delhi police said, "During the investigation, efforts were made to trace the accused Amit Agarwal but he was absconding and changing his whereabouts. Meanwhile, accused Aditya Agarwal, Abhishek Agarwal, and Amit Agarwal were declared proclaimed persons by the Court of Metropolitan Magistrates, South East, Saket Courts, New Delhi in both the above cases.

A raid was conducted on Thursday and on the basis of technical surveillance, accused Amit Agarwal was arrested on Friday in both the cases from Shahjahanpur, Uttar Pradesh.