Mumbai vehicle finance firm duped of Rs23 crore
The complainant company’s internal probe found the people on whose name loans were sanctioned are missing from the address given.mumbai Updated: Mar 20, 2018 01:33 IST
The Economic Offences Wing (EOW) of the city police booked four people belonging to a Hyderabad-based financial solution firm for duping an Elphinstone-based commercial vehicle financing company by fraudulently securing loan for 1,164 vehicles from the latter and causing it a loss of Rs23.22 crore.
Probe revealed that owners of most of these vehicles never existed.
The complainant company, Fortune Integrated Assets Finance Limited’s supervisor Vinod Solkar lodged a complaint against Hyderabad-based Amolak Investment and Padmaraj Parakh, Jagdish Dadi alias Jaganshankar Kumar and Kandawa Kallu Nagababa, with the EOW’s general cheating branch-3. The complainant stated that between February 1, 2014 and February 28, 2017, the accused allegedly duped the company of Rs23.22 crore by indulging in forgery and criminal breach of trust. According to sources, the company provides loans for commercial vehicles.
The loans are sanctioned to the applicant only through a revenue sharing partner (RSP). An RSP sends applications of people, looking for commercial vehicle loans to the company. “RSP’s role is very important as they have to check the antecedents of the loan seekers,” said a source.
The complainant company appointed Amolak Investment as the RSP. The complainant company sanctioned loans for thousands of applications forwarded to them by the RSP, but 1,164 loan recipients defaulted in repaying the loan EMI.
The complainant company’s internal probe found the people on whose name loans were sanctioned are missing from the address given. Also, the co-recipients of the loan had no idea that their documents were misused by the RSP agency. Probe also indicated roles of some of the employees of the complainant company who were in connivance with the accused. No arrests have been made yet. An officer privy to the probe said there are two similar complaints being probed by the EOW that were registered by the complainant company against other small finance companies