The Economic Offences Wing (EOW) of Delhi Police has arrested two men for allegedly cheating a finance company to the tune of Rs three crore.
The accused have been identified as Essa Ismail Merchant (47) and Amrendra Shashkant Totade (55), both residents of Mumbai.
According to Dr O P Mishra, the Joint Commissioner of Police, EOW, a loan (Equipment Finance) was applied by the accused persons with CLIX Finance India Private Limited through their company Advanced Computers and Mobiles India to purchase Machinery for packing, wrapping and sealing and of mobiles devices.
“The loan was sanctioned and as per sanction letter, accused persons were to remit 25 per cent of equipment cost to the vendor as margin money. The accused persons remitted Rs one Crore to the vendor in Dubai. The proof of remittance was provided to the NBFC, which released the loan amount to the bank account of the alleged borrower company,” said the Joint CP.
“The loan thus received was not remitted to the vendor and it was misappropriated by the Directors of the company in repayment of their other outstanding. A case under relevant sections of Indian Penal Code (IPC) was registered at EOW police station and investigation was taken up,” said the Joint CP.
“During investigation, it also emerged that the alleged company remitted the margin money to the Vendor and got the loan disbursed. Thereafter the loan amount was misappropriated in repayment of an LC already availed by the alleged Company from YES Bank," said the Joint CP.
"After a few months, the margin money was also received back by the alleged company from the vendor at Dubai. It was further revealed during investigation that the accused persons have availed loans amounting to Rs 150 Crores from different institutions and all of these loans have been defaulted,” said the Joint CP.