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EOW arrests man from Delhi for duping Mumbai-based company of Rs92 lakh

The accused had taken the money as processing and registration fees, on the pretext of availing a loan worth Rs100 crore

mumbai Updated: Apr 15, 2018 00:00 IST
Vijay Kumar Yadav
Vijay Kumar Yadav
Hindustan Times
Economic Offences Wing,Mumbai,Haryana
The accused has eight other cheating and forgery cases on him in Delhi, Madhya Pradesh Haryana and Mumbai.(HT FILE)

The Economic Offences Wing (EOW) officials have arrested a 50-year-old Haryana resident from New Delhi for allegedly cheating a city-based internet service provider firm to the tune of Rs92 lakh, on the pretext of availing a loan worth Rs100 crore on low interest rate from a Bangkok-based finance company.

The accused, identified as Raj Malhotra, alias Arunkumar Sharma, had taken money for processing fees and registration fees, but never gave any loan to the complainant firm, Citycom Network Private Limited. The arrest has been made on the complaint of Vineet Garg, 55, deputy general manager in Citycom Network.

In 2012, the complainant’s company came across with two people named Sanjay Sharma and Saket Sharma, who showed interest in lending loan to the complainant company through their Bangkok-based Global Fiscal Corporation Limited and Mumbai-based Delta Finlease private limited on an interest rate of 8-9%. Sanjay and Saket also told complainant’s company that to process the loan, 0.75 % of the loan amount would have to be deposited in advance.

The complainant’s company agreed to the terms and decided to take a loan of Rs60crore by mortgaging the complainant’s Delhi property.

The directors and senior officers of the complainant’s company and Raj Malhotra, Saket, Sanjay and other senior officials of the two finance companies met in a hotel in Gurgaon. After the complainant’s company transferred Rs45lakh to the account of Delta Finlease through Real Time Gross Settlement (RTGS), the directors of the complainant’s company and Raj Malhotra, who was authorised by Global Fiscal Company, signed the loan agreement.

Malhotra told Garg’s company that they can increase the loan amount to Rs100crore. On getting a positive response from them, Malhotra cancelled the Rs60crore amount written in the loan agreement and over wrote Rs100crore on it. He kept the original agreement with him claiming the loan agreement has to be registered in Bangkok, an EOW official said.

Two people from Global Fiscal Corporation Limited and two officials from Citycom Network Private Limited visited Bangkok in October 2012 for the registration of the loan agreement. But, the registration could not be completed due to the overwriting on the agreement. Garg’s company also needed to deposit Rs30lakh as the overall loan’s amount was increased to Rs100crores on the agreement. Hence, the complainant’s company deposited Rs30lakh more with Delta Finlease private limited. In all, the complainant company deposited Rs 92.62lakhs with the accused company.

However, Garg’s company never received the loan even after months, and company officials realised that they had been cheated, following which a police complaint was registered in 2013.

“Arrested Raj Malhotra is business partner of Sanjay Sharma and he was authorised by Sanjay on behalf of his company. Malhotra had been to New Zealand for work related to the loan and managed to surge it from Rs60 crore to Rs100 crore. He is the one who signed on the loan agreement papers on behalf of the two accused companies,” said an EOW official.

EOW officials were after Malhotra, but he had been changing his locations. On learning that he would be visiting a court in New Delhi to attend a hearing in an old matter, they nabbed him and brought him to Mumbai. Malhotra has eight other cheating and forgery cases on him in Delhi, Madhya Pradesh Haryana and Mumbai. On Saturday, a city court remanded him in EOW’s custody up to April 19.

First Published: Apr 15, 2018 00:00 IST