50-year-old from Hyderabad dupes firm of Rs 23 crore, held
The accused fraudulently obtained loans for 1,164 vehicles in various buyers’ names and used the money for his personal expenses.Updated: Jul 14, 2019 06:22 IST
The Economic Offences Wing (EOW)arrested a 50-year-old from Hyderabad for allegedly cheating an Elphinstone Road-based commercial vehicle financing firm to the tune of Rs 23 crore.
The accused fraudulently obtained loans for 1,164 vehicles in various buyers’ names and used the money for his personal expenses. Parag Manere, deputy commissioner of police (EOW), confirmed that the accused, Padamraj Parakh, owner of Amolak Investment, a Hyderabad-based firm, was arrested on Saturday and brought to Mumbai.
In March 2018, the complainant firm’s, Fortune Integrated Assets Finance Limited, supervisor Vinod Solkar had filed a complaint against Amolak Investment, Parakh, Jagdish Dadi and Kandawa Kallu Nagababa, with EOW’s general cheating branch-3. The complainant stated that between February 1, 2014, and February 28, 2017, the accused allegedly duped his company of Rs 23.22 crore.
According to the police, the complainant firm offers commercial vehicle loans which are sanctioned to applicants through a revenue sharing partner (RSP) – a person or agency authorised by the firm after scrutiny. The RSP sends applications to the finance firm. The complainant had appointed the accused firm as RSP. They had sanctioned loans for thousands of applications forwarded to them by Amolak Investment. But, 1,164 loan recipients defaulted on EMI payments. As this emerged in the audit, the firm found the people on whose names loans were sanctioned do not reside at the addresses given. “The co-recipients and guarantors had no idea their documents were misused,” said inspector Dilip Dayangade. The accused also used forged documents to procure the loans